Over recent weeks, the Institute updated members on Revenue’s plan to write to all taxpayers who are participating in the Debt Warehousing Scheme (or who were eligible to participate), offering them the opportunity to self-review their warehoused liabilities and make an unprompted qualifying disclosure in relation to any additional liabilities identified. Any additional Employer-PAYE (PREM), VAT or income tax liabilities identified in respect of Period 1 can be included in the taxpayer’s debt warehouse, provided that the qualifying disclosure is made by 31 January 2023.

This additional debt can be paid in full with the qualifying disclosure, or included in a Phased Payment Arrangement (PPA), with payments to begin in 2023 at an interest rate of 3% per annum.

As outlined in TaxFax last Friday (23 September), eligible taxpayers will start receiving these Debt Warehousing Scheme Level 1 Compliance Intervention Notifications from Monday, 26 September 2022.

Revenue Manuals on the Debt Warehousing Scheme Level 1 Compliance Programme

On Monday, Revenue released two new Manuals with information on this development.

• Level 1 Compliance Programme – Debt Warehousing Scheme, which covers practical information on making a qualifying disclosure in response to this compliance programme.
• Revenue Compliance Interventions – Operation of Payroll Taxes (Income Tax, PRSI, USC) by Employers, which includes information on how additional PREM liabilities can be brought to account following a qualifying disclosure.