TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Special warehousing and interest provisions (Section 3, 4 and 5)

Debt warehousing legislation is set out in the Act to support the scheme announced in May. The measures deal with VAT and PAYE debt incurred by businesses who, due to Covid-19 related restrictions, are unable to pay their liabilities and who have filed all required PAYE, VAT and employment contributions returns. No interest will be charged on PAYE and VAT debts for the initial “Covid-19 restricted trading period” (period 1) or twelve months thereafter (period 2, the “zero-interest period”). Period 2 may be extended by Ministerial Order up to 31 December 2022. Interest will be charged at a reduced rate of 3 per cent per annum in Period 3 until the debt is paid in full.