Ireland suspend late VAT penalties on coronavirus crisis
- May 12, 2020 | Richard Asquith
12 May - interest is being suspended in June and July VAT returns.
6 May - The Irish Revenue may now 'warehouse' VAT and other tax debts. The means put a freeze or long-term repayment plan in place with the most affected businesses. Not interest will be charged on these liabilities. The measure will be in place until March 2021.
4 April update - extension on late VAT payments has been made to include April instalments.
The Irish Revenue Commission has announced Value Added Tax measures to help business with cashflow issues arising from the coronavirus Covid-19 pandemic. Follow Avalara’s live global coronavirus Covid-19 VAT measures tracker.
It has suspended VAT liabilities enforcement activities. There will be automatic no late interest or payment penalties for January-February VAT payments for small businesses below €3million annual turnover. Larger busineses must contact the Revenue for delays on their payments. However, VAT returns must still be filed on time. The Revenue has advised businesses in trouble to contact it to negotiate payment terms.
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