Tax Debt Warehousing Scheme update
The CCAB-I recently wrote to the Collector General, Mr Joe Howley, asking Revenue to demonstrate leniency for taxpayers with outstanding statistical returns, such as the VAT Return of Trading Details (RTDs), and third-party returns, such as the Forms 46G, for the purposes of the Debt Warehousing Scheme. Revenue issued 100,000 letters to taxpayers in recent weeks, a portion of which require outstanding returns to be filed within 28 days for the purposes of accessing the Debt Warehousing Scheme. Mr Howley replied to our letter on the last day of November.
In his letter Mr Howley noted that while RTDs and Forms 46G are important tax returns which must be submitted for tax compliance purposes, Revenue will take a pragmatic approach and these returns will not be a determining factor for a taxpayer’s access to the Tax Debt Warehousing scheme. However, efforts should be made to file these returns within a reasonable timeframe.