Debt warehousing

Amendments to the Debt Warehousing Scheme, 5 February 2024

On 5 February 2024, the Minister for Finance announced that the interest rate applicable to warehoused debt will be reduced to 0%. Revenue has confirmed that it will operate the reduced interest rate on an administrative basis pending the legislative change. Revenue will also issue refunds of any interest at 3% already paid by businesses on warehoused debt. 

Businesses availing of the Debt Warehousing Scheme have until 1 May 2024 to either:

• pay their warehoused debt in full, if they can
• or
• engage with Revenue on addressing the debt, including arrangements for a Phased Payment Arrangement (PPA).

Businesses will be provided with every possible flexibility in managing the payment of their warehoused debt. This includes:

• the level of down payment, if any, to commence the payment arrangement
• an extended payment duration
• and
• the availability of payment breaks and payment deferral if temporary cash flow difficulties arise during the arrangement term.

It is essential that you keep up to date with current returns and payments and engage with Revenue about dealing with your warehoused debt.​

To remain in the Debt Warehouse, you must:

• continue to file your current tax returns
• and
• pay the current liabilities as they fall due.

By remaining in the warehouse, you will benefit from the 0% interest rate and flexible payment options available in respect of your warehoused debt. If you do not continue to meet these conditions, you will be removed from the Debt Warehouse. Where you are removed from the warehouse, periods which had been warehoused:

• will become payable immediately
• may be subjected to debt collection enforcement action
• and
• will be subject to interest charges of 8% or 10% per annum.