Revenue has made significant progress in reducing the debt within the warehouse, with nearly 90% of the €1.65 billion debt either paid off, secured in phased payment arrangements, or included in proposed plans. Demand notices have been issued to businesses with outstanding liabilities, categorizing them based on the amount owed and providing a seven-day window to engage with Revenue and formulate payment plans. The consequences for non-engagement include the immediate transition to standard enforcement proceedings, highlighting the importance of timely response. Revenue emphasizes its commitment to supporting viable businesses and encourages immediate action to avoid the loss of favorable terms.
Businesses have until the 15th of May to submit formal phased payment proposals to benefit from the Debt Warehouse Scheme’s 0% interest rates. Following this date, standard interest rates will apply to outstanding warehoused debt. Revenue stresses the importance of timely engagement and outlines its continued willingness to consider late payment proposals submitted during the demand period.
The issuance of final demand notices will provide a seven-day notice before enforcement actions are taken, signaling Revenue’s intent to resolve remaining debts while supporting businesses through accessible communication channels. Read more here.
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