Revenue urges employers registered for Temporary Wage Subsidy Scheme to update bank details
Yesterday on Morning Ireland, Revenue Chairman, Niall Cody, outlined that Revenue is unable to make some payments under the Temporary Wage Subsidy Scheme because a small number of employers have not set up a nominated Refund Bank Account on the Revenue On-Line System (ROS).
Today (01/04/2020) Revenue confirmed it is unable to pay more than €2 million to over 770 employers for payments made by them under the scheme.
Many employers will have an existing Payment Bank Account set up in ROS, however, to receive payments from Revenue, including under the Temporary Wage Subsidy Scheme, employers also need to set up a nominated Refund Bank Account.
Over 30,000 employers are now registered for the Temporary Wage Subsidy Scheme. Payments of almost €23 million have already issued to employers and a further €11.5 million will issue today. However, Revenue is asking any employer who is currently awaiting payment from Revenue to check that they have set up a nominated Refund Bank Account in ROS.
A Refund Bank Account, which must be SEPA (Single EURO Payments Area) reachable, can be set up as follows:
- Log on to ROS
- Select ‘Manage Bank Accounts’ option
- Select the ‘Manage EFT’ option
- Select ‘PAYE-EMP’ option
- Enter ‘IBAN number’ (Can be found on bank statement)
- Enter ‘BIC number’ (Can be found on bank statement)
- Enter ‘Account Name’ (minimum requirement is first 18 characters)
- Complete ‘Confirmation Screen’
- Complete the ‘Sign and Submit’ requirement (ROS login password required).
Further information regarding Refund Bank Account requirements is available in the Frequently Asked Questions (FAQ) on the Operation of the Transitional phase of the COVID-19: Temporary Wage Subsidy Scheme.