Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

It is worth underlining the point that the requirement is to have entered into an arrangement with Revenue by 1 May 2024. It is not that the business has to have repaid the warehoused tax by that date; it just has to have entered an arrangement. Over the next ten to 11 months, I urge businesses to engage with the Revenue Commissioners and put in place that arrangement. I also want to make the point that the arrangements can be over a number of years. Despite the fact that in many cases the amount of money involved is quite low, the Revenue has a track record of entering arrangements over an extended payment duration of up to five years, with the availability of payment breaks and deferrals when temporary cashflow difficulties arise during the arrangement term. The moral of the story is that I am asking businesses to engage with the Revenue Commissioners and to ensure there is an arrangement in place before May of next year.

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