Readers are reminded that taxpayers availing of the Debt Warehousing Scheme (DWS) have until 1 May 2024 to either pay their warehoused debt in full or engage with Revenue on addressing the debt, including arrangements for a Phased Payment Arrangement (PPA). Revenue is encouraging taxpayers to engage now in agreeing an appropriate repayment schedule and benefit from flexible payment options and the revised 0 percent interest rate.
Taxpayers must continue to file their current tax returns and pay current liabilities as they fall due to remain in the DWS. Failure to adhere to these conditions will result in the revocation of the warehouse facility, which will result in the imposition of the standard interest rate of 10 percent, backdated to when the debt arose, and the immediate enforcement of all outstanding debt, including interest.