November 2, 2023
Losses show recovery of warehoused tax debt “a balancing act” – Louise O’Reilly TD

Sinn Féin spokesperson on Enterprise, Trade and Employment, Louise O’Reilly TD, has said the losses reported to date under the tax debt warehousing scheme are evidence that “the recovery of monies owed will be a balancing act”.

Following Revenue’s recent opposition to the terms of a survival scheme for a building firm, the Dublin-Fingal TD called for a sensible response to ensure all monies owed under the scheme are recovered, while not putting small and medium enterprise and micro-business at risk.

Teahcta O’Reilly said:

“The Revenue debt warehousing scheme offered businesses some respite during the height of the Covid-19 crisis by allowing for the deferral of VAT, employer PAYE and certain self-assessed income tax liabilities, including Covid-19 wage support overpayments.

“Indeed, the repayment date for debts under the scheme was elongated at various stages due to war in Ukraine and the impact of inflation on businesses.

“The volume of tax warehoused under the scheme showed how much of a lifeline it was for business and next year will be a crunch year for those with warehoused debt as repayments will commence from 1st May 2024.

“However, data released to me via Parliamentary Question shows that there have been losses to the State of over €74 million in taxes owed, due to 716 companies becoming insolvent.

“Given the impact of the pandemic, the war in Ukraine, the energy crisis, and the inflation crisis, it is essential that Revenue engages with companies sensibly and responsibly in terms of recovering monies owed and doesn’t oppose proposals to save businesses and jobs where firms enter examinership.

“This should not be seen as a carte blanche for businesses. What we are advocating is for Revenue to approach repayment in a manner that ensures all monies owed are repaid, but that does not push companies towards liquidation where there are viable alternatives.

“There is currently over €1.8 billion in tax debts warehoused, so a delicate approach is needed, and business must be proactive in working out repayment plans with Revenue.

“It is essential that there is reciprocal engagement between business and the State in terms of warehoused tax debts, and that Revenue approaches repayment in a manner that ensures all monies owed are repaid, but that does not push companies to the brink.”

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