Revenue will begin to issue Important Information Notices to taxpayers who are availing of the Debt Warehousing Scheme this week. Where the business is fully up-to-date with their tax returns, they will receive a notice which will include a schedule of warehoused debt as at the date of the notice, broken down by tax type, period and the amount of debt warehoused.
Where a business has outstanding returns, the notice will include a schedule of outstanding returns for each applicable tax type and period. These returns must be filed before a schedule of warehoused debt can be confirmed. Revenue’s notice advises that if the outstanding returns are not submitted by 30 April 2022 the taxpayer will lose the benefit of the warehousing scheme (i.e. resulting in a crystallization of the debt and loss of the 0% and 3% interest rates). If any of the returns submitted in relation to the warehoused debt were made on a “best estimate” basis, Revenue also advises of the importance to revise these returns by the 30 April deadline.
As Tax Agents will not receive a copy of the notices, we would be grateful if you could please provide us with a copy of same, so that we can consider if action is required.
Keogh Ryan Tierney