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

As I said yesterday, there is no interest chargeable in the coming year. The interest comes in at 3% in 2022. Employers will be able to warehouse debt so long as they continue to file and make returns. It is important they keep paperwork up to date, know precisely what the liability is and what they will have to pay when the time comes. You cannot come along at the end of the scheme and say you want to warehouse all the VAT and PAYE. You have to keep all the returns up to date so Revenue can fully assess what is going on. They can make arrangements, as stated, in period 3 to repay the outstanding amounts of EWSS and abide by that agreement. If they fail to do so, normal interest rates of 8% - which seems high but it is the normal rate - will be reimposed. That is way down the line, from 2023 onwards. It is important that people know that between now and then, no interest will apply in the relevant tax period. The 3% rate will apply in period 3, which is January 2023, until EWSS overpayments are repaid in full. Revenue has a long period to allow for that at a very low interest rate. The higher rate is far down the line and it is hoped employers will not be in the situation that arises and that Covid will be well behind us by the time people have paid their debts.