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

I assure the Deputy that this is very much on my desk. I have a further meeting today. I am very anxious to finalise the arrangements for the tax debt warehousing scheme very shortly. The Deputy is correct that businesses want to plan. They need to manage their cash flow and understand the position for dealing with the warehoused debt over the coming years. What has been put in place so far is very good. It is a very good scheme. The normal interest rate for tax debt is 10% for most taxes and 8% for income tax. In recent times, a rate of 3% has been applied in respect of warehoused debt. I need to be fair to all parties involved. Many businesses did not avail of warehoused debt; the vast majority did not but some did. They need additional support and a lot of flexibility to ensure they can manage their obligations. I thank the Deputy for his representations on the issue. I intend to finalise this very shortly and will take on board the points he has made.

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