Revenue commenced issuing final Debt Warehousing warning notices last week to taxpayers availing of Debt Warehousing who have outstanding tax returns. The notice outlines the immediate action required for taxpayers to file all outstanding tax returns within 10 days of the date of the notice to remain eligible for the Debt Warehousing Scheme.
Where returns are not filed within the 10-day period, the taxpayer will lose the benefits of the Debt Warehousing Scheme. This means that all the taxpayer’s debt will be payable immediately and the normal interest rates of 8 percent and 10 percent will apply instead of the schemes reduced interest rates of 0 percent and 3 percent. It is important that outstanding tax returns are now filed.