Business gets more time to tap discounted tax debt payment plan

Businesses have been granted more time to pay outstanding tax bills to Revenue at a discounted rate of interest.

The decision comes as a spokeswoman for the tax office said there had been strong demand for the incentivised repayment programme, with €46 million of outstanding business taxes now covered by it.

A measure in the July stimulus package allowed companies to warehouse Covid tax debt, deferring payment until their businesses reopened and then availing of reduced interest rates. But it also provided a special amnesty on earlier non-Covid tax debt even where this had not been previously disclosed.

This amnesty allowed for an interest rate of 3 per cent to apply to outstanding tax debt once the business entered a phased payment agreement with Revenue.

Companies had to put the arrangement in place by September 30th to qualify. However, Revenue has now extended this deadline to the end of October.

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