Revenue has confirmed that, as of 9 May 2024, almost 90 percent of the €1.65 billion debt warehoused at the beginning of April 2024 has either been paid in full, secured under phased payment arrangements (PPAs), or included within a PPA which is in the process of being finalised. The balance of warehoused debt not paid or included in a PPA is €200 million.
Revenue has issued circa 11,700 demands to taxpayers with warehoused debts exceeding €500. Revenue data confirms that 775 taxpayers (10 percent) have outstanding liabilities in excess of €50,000, amounting to €130 million, with a further 3,670 (30 percent) owing between €5,000 and €50,000. The remaining 60 percent (7,279) of taxpayers owe between €500 and €5,000.
The demand notice outlines the tax(es) due by the taxpayer and requests they engage with Revenue to formulate a payment plan within seven days. Continued non-engagement will result in the issue of a final demand at the end of the seven-day period and the warehoused debt will immediately be subject to standard enforcement proceedings. Revenue has acknowledged the high level of engagement from businesses and their agents throughout the duration of the Debt Warehouse Scheme and, in particular, in the lead up to the 1 May 2024 deadline, and will continue working with businesses to finalise payment plan applications which are currently in progress.