Businesses need 'realistic plans' to pay warehoused tax debt

€1.76bn owed by May 1

Revenue collected a record amount of tax in 2023 totalling €87.2bn. Photo: Laura Hutton/RollingNews.ie

Revenue has advised businesses to make “realistic plans” to pay back debt owed under the tax warehousing scheme as over €1.76bn is set to come due on May 1.

The Debt Warehousing Scheme allowed businesses to temporarily ‘park’ certain covid-related tax debts on an interest free basis. Businesses either need to enter a phased payment arrangement for the tax owed or pay it back in full by the start of May.