This week, Revenue issued warning notices to taxpayers who are availing of the Debt Warehousing Scheme but have overdue tax returns. Businesses availing of the Scheme had been provided with a deadline of 30 April 2022 to file overdue tax returns. Revenue is now issuing ‘Final Notices’ to taxpayers whose tax returns remain outstanding.
The Final Notices provide a 10-day timeframe to file all outstanding returns, with the notices warning that the benefits of the Debt Warehousing Scheme will be lost if the returns are not filed within this period. If the benefits of the Scheme are lost, the warehoused debt will immediately become due for payment and the lower rates of interest that apply to warehoused debt (of 0% and 3%) will no longer apply.
Approximately 60% of the Final Notices issued by post with the remainder issued to the taxpayer’s ROS Inbox. Revenue has advised the Institute that further notices will issue on a rolling basis over the weeks ahead as cases with outstanding returns come to Revenue’s attention.
We provided Institute members with further information on this development in TaxFax on Friday, 27 May.