Tax Debt Warehousing Scheme Extension

Tax Debt Warehousing Extension. Gallagher Keane Chartered Accountants Dublin

Tax Debt Warehousing Scheme Extension

Budget 2021 saw the enhancement of the Tax Debt Warehousing scheme. The Tax Debt Warehousing Scheme now will be extended to include Temporary Wage Subsidy Scheme repayments owed by employers, income tax for 2019 and preliminary tax obligations for adversely affected self-assessed taxpayers.

The new extension of the scheme means that those who are self-employed can now postpone payment of 2019 tax liabilities as well as 2020 preliminary tax. Such liabilities will be warehoused for a period of 12 months once normal trading returns. During this time Revenue will not look to collect payments owed nor will it charge any interest. Interest will apply thereafter at a rate of 3%, and no surcharge will be applied.

Currently, ROS filers have until 10 December to pay and file their 2019 Form 11 and to pay preliminary tax for 2020. This deadline now also applies to ROS filers who wish to avail of the Debt Warehousing Scheme.

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Budget Announcement: October 13th 2020.