On the 9 May 2024, Revenue confirmed that almost 90% of the €1.65 billion debt that remained in the warehouse at the start of April 2024 was now either paid in full, secured under phased payment arrangements or included within a proposed phased payment arrangement which is in the process of being finalised. The balance of €200 million remaining within the warehouse has therefore reduced significantly from a peak of €3.2 billion in January 2022.
Revenue acknowledges the high level of engagement from businesses and their agents throughout the duration of the Debt Warehouse Scheme and, in particular, in the lead up to the 1 May 2024 deadline, and will continue working with businesses to finalise payment plan applications which are currently in progress.
Revenue has now issued demands to those businesses with outstanding liabilities within the debt warehouse. Approximately 11,700 demands issued to businesses with warehoused debt in excess of €500. Over 60% (7,279) of those businesses have outstanding liabilities of less than €5,000 and a further 30% (3,670) have outstanding liabilities between €5,000 and €50,000. The remaining 10% of businesses (775) have outstanding liabilities in excess of €50,000, amounting to €130 million.
Revenue is aware that a number of businesses contacted Revenue in the last month but didn’t ultimately submit a formal phased payment proposal. If they do so before
Wednesday (15 May) the terms of the debt warehouse scheme, including the 0% interest, will be applied to that payment plan. Revenue are currently putting in train the system updates to implement the standard interest rates on any outstanding warehoused debt and this will automatically be applied on 15 May where a payment plan has not been finalised. Therefore, the demand period affords businesses a final opportunity to engage with Revenue on same, and Revenue will continue to engage on late payment proposals submitted during the relevant demand period.
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