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Over the last number of months, Revenue has outlined some key advice and actions it has taken to assist businesses experiencing cashflow and trading difficulties arising from the impacts of COVID-19, including:
To the end of March, these measures have provided vital liquidity support for businesses benefiting some 14,000 VAT registered businesses and over 30,000 employers. The value of the measures was approximately €800 million for January/February VAT and February Payroll taxes .
Earlier today (02/05/2020), the Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, announced a further range of economic measures in response to COVID-19. These include legislating to permit Revenue to ‘warehouse’ VAT and Payroll tax debt that arose on foot of the COVID-19 related restrictions.
Following this announcement, Revenue has assured businesses severely impacted by COVID-19 that it will continue to work with them to agree payment arrangements that support both the capacity of the business to resume trading as well as the national recovery, post COVID-19.
While the finer details of this ‘warehousing’ measure have still to be worked out, Revenue has confirmed the following:
Additional information and clarifications will be provided in due course.
RMcH comment: These exceptional and unprecedented measures will give certainty to businesses, allow them time to plan their recovery and deal with non-tax liabilities without worrying about their ‘warehoused’ tax liabilities.
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