News

On 17^th October 2022, Revenue announced a further extension to the Debt Warehousing Scheme due to the current challenging economic situation for businesses.

Under the existing Debt Warehousing scheme, businesses with warehoused debt were due to enter into an arrangement with Revenue to deal with that debt (i.e. clear it or enter into a phased payment arrangement) by 1^st January 2023 (or by 1^st May 2023 for those subject to the extended deadline).

Given the current economic uncertainty, Revenue has extended the timeline to 1^st May 2024. This means that businesses will not now be faced with the challenge of either clearing the debt in the warehouse or entering into a phased payment arrangement to clear the debt until 1^st May 2024. However, interest will begin to accrue at the reduced rate of 3% interest rate from 1^st January 2023 (or 1^st May 2023 for those subject to the extended deadline), as opposed to the general interest rate of 10%.

Further Information – LINK