Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

Yes, that is the preliminary tax for this year, 2020. I ask the Deputies to bear with me on this. If a taxpayer has underpaid his or her 2019 preliminary tax liability, the balance of income tax for 2019 cannot be warehoused. However, and this is an important "however", Revenue announced last Friday, 16 October, in its electronic brief No. 190/20, that this liability can be included in a 3% reduced-interest phased payment arrangement if the taxpayer agrees this with Revenue no later than 10 December 2020. It is important to note that for amounts that cannot be warehoused, people can contact Revenue. Once they do so before 10 December, they can get in under the new 3% rate that applies to the phased payment arrangement, not technically under the warehousing system. Revenue will agree to that 3% interest rate warehousing. That is important. The warehousing of unpaid tax - we are talking about VAT, PAYE, PRSI, USC, income tax and corporation tax - will not prevent the business from obtaining tax clearance. That is the position as long as the business continues to meet its obligations for qualifying for warehousing of tax debts by filing all tax returns and paying other liabilities as they fall due. The key point here is to get one's tax returns in.

One can agree to make the payment next year, the following year or the year after. Once a person gets his or her returns in on time the Revenue Commissioners know what they are talking about and will come to the arrangement of 0% for the first 12 months and then 3% after that.

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