Revenue Phased Payment Agreement

If you`re having trouble paying your corporate taxes, Revenue`s Live Payment Arrangement (APP) is a great way to pay off your debts. As the name suggests, an AAE allows you to settle your debts over a long period of time, making them easier to manage. Whether it`s VAT, payroll tax or corporate tax, an AAE can be put into action so you can plan payments in the future and avoid being immediately isolated from revenue. Turnover is advisory for companies that are in business difficulties because of COVID-19. These include information on tax returns, late interest, debt enforcement, tax enforcement and customs. Arrangements are made to ensure that debts that cannot be paid during the COVID period can be stored interest-free for one year from the restart of trade, during which no action is taken to enforce Revenue`s debt. In addition, the stored debt has no interest charges (no capital or interest payments). Before the end of the storage period, the company should reach an agreement with Revenue on an exit strategy better suited to specific business requirements and the need for continued profitability. Businesses are entitled to a significantly reduced interest rate of 3% on unpaid debts if such agreements are approved, which must be set by law. In order for companies to continue to qualify these agreements, it is necessary for companies to comply with all their tax reporting and payment obligations with respect to tax periods following the periods covered by the storage debt.

Operational details are being finalized and necessary legislative changes will be presented in the Finance Act 2020. Revenues will be stored in deferred tax liabilities related to the COVID 19 crisis. This is direct support to the companies concerned when it is not possible to commit to a progressive payment agreement. For more information on how to approach revenue in the event of tax problems, see the guidelines on progressive payment agreements. If you receive a request for payment of the turnover and you cannot pay, you should contact the phone number listed in the letter to discuss your options. „The extended schedule will allow taxpayers and tax officials to maximize opportunities to pay their tax obligations at a very low cost,“ said Mr. Revenue.

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