Covid-19 Revenue Guidance on Tax Debts arising from Covid-19 Crisis

Covid-19 Revenue Guidance on Tax Debts arising from Covid 19 Crisis

Revenue have issued updated guidance on unpaid VAT & Payroll Taxes arising from the impacts of Covid 19

The key points to note are as follows:

• This guidance applies to VAT and Payroll taxes only.

• Interest on late payment charges are suspended automatically for SMEs i.e. a business with turnover of less than €3 million who is not dealt with by either Revenue’s Large Cases Division or Medium Enterprises Division.

• Larger businesses can avail of these measures on request. Revenue’s advice for businesses other than SMEs experiencing temporary cash flow or trading difficulties is to contact the Collector-General’s office on +353 1 7383663 or engage directly with their branch contacts in Large Corporates Division or Medium Enterprises Division.

• Businesses experiencing temporary cash flow difficulties should continue to file tax returns on time (even where payment is not immediately possible).

• In addition to these measures, Revenue have also indicated that the application of the corporation tax surcharge (for late filing of corporation tax returns) for accounting periods ending June 2019 onwards (i.e. due by 23 March 2020 onwards) is suspended until further notice and there will be no restriction of reliefs (such as loss relief and group relief) due to the late filing.

For more information please feel free to get in touch.