COVID-19: Updates to Tax Returns, VAT Payments and Debt Recovery

Caroline Gleeson

3 minute read

A number of measures have been introduced by the Revenue Commissioners in Ireland to financially assist all businesses and subcontractor's during the Coronavirus pandemic.

These updates include a deferral on VAT payments and a delay on any debt recovery that had been scheduled within the time period that this crisis remains. Tax returns should be filed as normal however.

All details and updates can be found on the Revenue website.

Disclaimer: Occupop is not a governing body or financial institution, this information has been collated from gov.ie, revenue.ie and various financial experts as at date of publication and is subject to change. Any information provided here is intended to inform rather than advise.

What are the Revenue updates to tax returns, VAT payments and debt recovery?

No interest will be charged on late payments of February or March PAYE/PRSI liabilities or January/February VAT liabilities. Applicable to SMEs only.
No debt recovery procedures will commence during this period and will not rescind tax clearance status of businesses for failure to pay these liabilities.
Tax returns should still be submitted while this deferral is in place
Suspension of the RCT rate review. As this process may result in a subcontractor’s RCT rate increasing due to changes in their compliance position, the review is suspended.
Subcontractors can self-manage and check rates on ROS.ie. Should this be lower, they can ‘self-review’ to apply for a lower deduction rate.

Note: These measures are deferrals only and Revenue may request the full amount outstanding be paid once emergency measures cease.

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Summary Points

No interest will be charged on late payments of February or March PAYE/PRSI liabilities or January/February VAT liabilities. Applicable to SMEs only.
No debt recovery procedures will commence during this period and will not rescind tax clearance status of businesses for failure to pay these liabilities.
Tax returns should still be submitted while this deferral is in place
Suspension of the RCT rate review. As this process may result in a subcontractor’s RCT rate increasing due to changes in their compliance position, the review is suspended.
Subcontractors can self-manage and check rates on ROS.ie. Should this be lower, they can ‘self-review’ to apply for a lower deduction rate.