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Tax On Warehoused Debt Reduced To 0%

Tuesday, 6 February 2024 12:24

Also in your business news, the Peter McVerry Trust has appointed a new chief executive.

The interest rate on warehoused tax debt has been reduced to 0%.

The Tax Debt Warehousing Scheme was introduced for businesses following the Covid-19 pandemic.

It aimed to help businesses with cash flow problems, by allowing them to defer paying some tax liabilities until they were in a position to address the debt.

€1.7  billion is currently owed under the scheme. 

Revenue also confirmed that any businesses who have already paid tax on warehoused debt will be refunded the interest payment.

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The Peter McVerry Trust has appointed a new chief executive.

It follows months of financial controversy at the homelessness charity.

Niall Mulligan, who's currently National Secretary at the Society of St. Vincent de Paul, will take up the role in April.

The Peter McVerry Trust received a government bailout after major governance issues came to light last year, resulting in the then-chief executive Francis Doherty's resignation.

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Looking at today's Currency Markets, €1 buys you £0.85 and $1.07
While the ISEQ (I-SECK) Index of Irish Shares is at 9,060, up 0.24% since the opening.

Your business headlines – with IFAC - providing accountancy and tax advisory nationwide with locations in Mullingar, Portlaoise and Tullamore, find your local office today! IFAC.IE

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