Deadline for Debt Warehousing Scheme – 1 May 2024

Taxpayers with warehoused tax debt have until 1 May 2024 to either pay back their deferred tax liabilities in full or agree a Phased Payment Arrangement (PPA) with Revenue to ensure they remain eligible for the 0% interest rate now applicable to warehoused debt.  A PPA is a payment plan agreed with Revenue to allow taxpayers to repay tax debts in instalments over an agreed period. Revenue advise that you should start the application process on ROS well in advance of 1 May deadline to allow time to reach mutual agreement on the PPA by the deadline.

A key condition to retain the benefit of the Debt Warehousing Scheme, including the 0% interest rate on the debt, is that the taxpayer continues to file their current tax returns and pay current liabilities as they fall due.  The consequence of not meeting this condition is that the warehouse facility is revoked, which will result in the standard interest rate of 8%/10% applying and the immediate collection or enforcement of all outstanding debt.