Accountants have told the Revenue Commissioners a requirement to file all outstanding tax returns by April 30 to continue availing of low interest via the Debt Warehousing Scheme is “unreasonable” and of extreme concern.
f taxpayers don’t make the filings, all debt will be payable immediately and the normal interest rates of 8pc or 10pc will apply, instead of the scheme’s reduced interest rates of 0pc and 3pc.
Accountancy umbrella group CCAB-I raised questions about the tight time line.
“CCAB-I believes that the limited time scale between the issuing of Revenue correspondence and the April 30, 2022, filing deadline is unreasonable and puts unnecessary pressure on businesses and agents that continue to operate under difficult conditions with limited resources due to the ongoing high rates of Covid-19 infections,” it said.
“Members have also noted that because the scheme has been extended a number of times and different deadlines apply depending on whether a business was impacted by the December 2021 public health restrictions, there is a level of confusion among businesses with regards to which deadlines apply to them.”