Written answers
Wednesday, 16 June 2021
Department of Finance
Covid-19 Pandemic Supports
Louise O'Reilly (Dublin Fingal, Sinn Fein)
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83. To ask the Minister for Finance the volume of money warehoused under the tax debt warehousing scheme by sector. [32262/21]
Paschal Donohoe (Dublin Central, Fine Gael)
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The Debt Warehousing Scheme remains available to support businesses that are experiencing tax payment difficulties arising from the COVID-19 pandemic. The scheme applies to VAT debts, PAYE (Employer) debts, self-assessed income tax debts (balance of 2019 income tax liability and 2020 preliminary tax) and Temporary Wage Subsidy Scheme (TWSS) overpayments.
The Government recently agreed to the extension of the tax debt warehousing scheme to allow the period where liabilities arising can be “warehoused” to be extended to the end of 2021 for all eligible taxpayers, with an interest free period during 2022, and to include overpayments of EWSS in the scheme. I hope to bring legislative proposals into the Dáil before the summer recess to give effect to these changes.
Approximately 86,000 businesses are currently availing of the Debt Warehousing Scheme in respect of over €2.4 billion in tax debt. The table below provides a sectoral breakdown of the debt currently ‘parked’ under the scheme.
Sector | €m | % |
---|---|---|
Wholesale and retail trade | 658 | 27% |
Accommodation and food service activities | 302 | 12% |
Professional, scientific and technical activities | 287 | 12% |
Construction | 250 | 10% |
Administrative and support service activities | 171 | 7% |
Manufacturing | 159 | 6% |
Information and Communication | 154 | 6% |
Transportation and Storage | 124 | 5% |
Financial and Insurance Activities | 63 | 3% |
Real estate activities | 61 | 2% |
Health and Social Work activities | 58 | 2% |
Arts, entertainment and recreation | 54 | 2% |
Other services activities | 43 | 2% |
Education | 20 | 1% |
Agriculture, forestry and fishing | 19 | 1% |
Other Sectors | 24 | 1% |
Grand Total | 2,449 | 100% |
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