Businesses with warehoused Revenue debt were due to enter a Phased Payment Arrangement (PPA) by 31 December 2022 but Revenue have now extended that timeline to 1 May 2024 to support businesses due to the current challenging economic situation.
This means that all businesses will now defer their responsibility to either clear the debt in the warehouse or enter into a phased payment arrangement to clear the debt until 1 May 2024. This 1 May 2024 date will apply to all businesses with warehoused debt – even businesses who were making arrangements with Revenue by 1 January 2023.
Businesses will still be able to avail of the reduced 3% interest rate from January 2023, as opposed to the usual Revenue interest rate of 10%, when they come to pay the debt.
Revenue will write to all businesses with warehoused debt in early December setting out their statement of debt and advising of the extension.
Where a business has the capacity to repay any or all of the warehoused debt in the meantime then they can do so.
However a business is still required to keep current returns and payments up to date to continue to avail of the debt warehousing scheme.