Extension to avail of reduced rate of interest on non-Covid-19 tax debts
The July Jobs Stimulus Package included an incentive whereby a reduced interest rate of 3% per annum is applied to outstanding ‘non-Covid-19’ tax debts, once a payment arrangement is agreed between a taxpayer and Revenue by 30 September 2020.
A significant number of taxpayers, or tax agents acting on their behalf, have already taken up this opportunity with over €46 million of tax debt now covered by payment arrangements to which the reduced 3% interest rate applies.
Given the uptake of this measure to date and recognising the challenges that taxpayers and tax agents are experiencing at this time, Revenue has today (30/09/2020) announced a four-week extension to the initiative. Taxpayers, or tax agents acting on their behalf, now have until 31 October 2020 to finalise payment arrangements covering non-Covid tax debts.