Update on the Debt Warehousing Scheme
Ahead of the 1 May deadline for businesses to engage with Revenue to address their warehoused debt, an increasing number of applications for Phased Payment Arrangements (PPAs) are being submitted through the online PPA facility on the Revenue Online Service (ROS). As of 16.30 on Tuesday 30 April, over 8,600 payment arrangements have been set up on our system. We are actively progressing a further 1,700 PPA applications at present. 98% of the debt in the warehouse is owed by just over 15,000 business. In total, over 75% of the €1.5bn in the Debt Warehouse is now either paid in full or under a PPA. We expect that businesses will continue to finalise payments and submit payment proposals this evening and tomorrow.
Given the increasing levels of engagement, the Collector General’s Division will continue to work on payment plans and the CG’s phone lines (ph: 01 738 3663) will be open from 09.30 to 16.30 until Friday 3 May.
There is no expectation on businesses to pay their warehoused debt in full by 1 May. However, in order to retain the benefit of the 0% interest rate applicable to warehoused debt, businesses must engage with us in a meaningful way by this key date. Where a business fails to meaningfully engage with us, the balance outstanding will immediately be subject to standard debt collection proceedings and the standard interest rate of 8%–10% will apply. The crucial message, therefore, for any business that has not yet engaged with us in respect of their warehoused debt, is to act now and engage with us immediately to formulate a payment plan.
[ENDS 30/04/2024]