More than €3bn paid back to Revenue through debt warehouse scheme
More than €3bn in business tax debts under Revenue's debt warehouse scheme has now been settled or secured, the State's tax authority said on Wednesday. Picture: Chani Anderson
More than €3bn in business tax debts under Revenue's debt warehouse scheme has now been settled or secured, the State's tax authority said on Wednesday, with €30m being collected in repayments monthly.
The figures were revealed in Revenue's 2024 Annual Report, which reported total gross tax receipts during 2024 were €152.9bn.
The debt warehousing scheme (DWS) was established during the pandemic to assist businesses with cash-flow and trading difficulties. Under the scheme, firms could defer paying some eligible tax liabilities until they were in a position to deal with the debt, with favourable interest rates and repayment terms. Over 93% (€3bn) of the debt included in the warehouse at its peak in January 2022 has now been either settled in full or secured under a phased payment arrangement, Revenue said.
More than 7,000 businesses that availed of the scheme failed to engage with Revenue to formulate a plan to pay warehoused debt. The debt owed by these businesses, which amounted to just over €100m, was transferred out of the DWS and normal collection and enforcement proceedings applied to this debt thereafter.
"The vast majority of PPAs set up to pay warehoused debt (97%) are being actively adhered to, and payments of approximately €30m are being collected through these arrangements each month. These results are testament to the pragmatic and flexible approach we adopted in assisting businesses to exit the warehouse. We acknowledge the high level of engagement from businesses and their agents throughout the duration of the scheme and, in particular, in the lead up to the 1 May 2024 deadline," said Revenue chairperson Niall Cody.
Revenue's annual report showed that total gross receipts during 2024 were €152.9bn, which included €30.9bn of non-Exchequer receipts collected on behalf of other Government departments and agencies, and other EU States. Net tax receipts during 2024 were €107.1bn.
