Revenue reminded the forum that it is vital that taxpayers availing of debt warehousing file all returns, even Nil returns, and pay current taxes as they fall due, otherwise the benefits of debt warehousing will be revoked. Revenue confirmed that while non-filing of VAT RTDs and other informational returns does not revoke the benefits of debt warehousing, if other returns are also outstanding, informational returns will be included in correspondence notifying taxpayers of their obligations.

Revenue will not be writing to taxpayers who submitted their outstanding returns by 30 April 2022 to confirm their warehoused debt as the ROS screens should provide all the relevant information.

In October, Revenue intends to contact taxpayers if their Period 2 ends on 31 December 2022 advising them of the end of that phase and asking them to provide a payment schedule. Revenue reiterated that taxpayers must engage with Revenue before Period 2 ends to outline their plans to pay the warehoused debt. Should a Phased Payment Arrangement (PPA) be required it must be applied for through the normal online channels, with caseworker approval. It is also possible to pay off the debt early.

In terms of PPAs, Revenue confirmed that both warehoused and non-warehoused debt can now be consolidated within the same PPA and also clarified that the requirement to pay a down payment of 25 percent or 40 percent (depending on tax clearance status) applies to warehoused debt. Revenue wished to remind taxpayers that they would take a flexible and pragmatic approach depending on the case.

For a full summary of the Debt Warehousing Scheme , please click here.

If you require any additional information based on the details outlined in this update, please get in contact with our team. We'd be happy to hear from you.