CCAB-I have recently written to Revenue’s Collector General in response to letters that are issuing to businesses availing of the Debt Warehousing Scheme.
The letters, which are not being issued to agents, set a deadline of Saturday, 30 April 2022 by which all outstanding returns must be filed for customers to continue availing of the reduced interest rates of 0 and 3 percent under the Debt Warehousing Scheme. The CCAB-I’s view, as informed by our members, is that this does not allow sufficient time for businesses and agents to process outstanding returns, particularly given there is likely to be large cohort that will not receive the relevant letters until mid-to-late-April.
CCAB-I recognised that the Debt Warehousing Scheme has been a vital support to businesses and recommends that the filing deadline be extended for at least an additional month to 31 May 2022. This is to take into account potential postal delivery delays and the time lag between taxpayers receiving the letters and subsequently informing their agents.
We have also requested that statistical returns which do not impact calculation of outstanding taxes (e.g., Form 46G and VAT RTD) are not included as part of the filing requirement for Debt Warehousing purposes.
To view the correspondence please
click here.