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Interest cut on tax debt warehoused by businesses since Covid

Minister for Finance Michael McGrath has announced that the interest rate on tax debt frozen since the pandemic has been cut to 0%.

The Revenue Commissioners have also indicated that they will take a flexible approach to repayments which will allow for pay back arrangements spanning more than five years.

In addition, Revenue has confirmed that, where a business has already paid warehoused debt, which was subject to interest at 3%, it will get a refund of that interest. This will ensure that all taxpayers are treated fairly.

Businesses must now engage with Revenue before 1 May to draw up a plan to pay this money back.

More information can be found on the following press release:

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