Revenue Debt Warehousing Scheme (DWS) – Extended
In December 2021, the Debt Warehousing Scheme (DWS) was extended for some businesses. The businesses must:
- already be eligible for warehousing and
- have a valid claim during the period from 1 January 2022 to 30 April 2022 for any of the following Government COVID-19 Support Schemes:
- Employment Wage Subsidy Scheme
- Covid Restrictions Support Scheme
- other Government Covid-19 Support Schemes (details available in Section 4 of the Information Booklet on Debt Warehousing).
For businesses who qualify for the extension, warehouse period dates extend as follows:
Period 1 ended on 30 April 2022. All returns for qualifying taxes which fall in Period 1, will be entered into the warehouse.
Period 2 is a one-year period which runs from 1 May 2022 to 30 April 2023 in the case of customers entitled to the warehouse extension. No interest is applied to the warehoused debt during Period 2.
Period 3 starts when Period 2 ends, that is, 1 May 2023. You have until 30 April 2024 to agree a Phased Payment Arrangement with Revenue for the warehoused debt. However, you can make interim payments towards your warehoused debt at any stage. Interest will be applied from the start of Period 3 until the final payment
Qualifying terms and conditions
- all tax returns must be filed so that the debt is quantified
- current taxes must be paid as they fall due.
Removal from warehouse
Failure to file returns may result in the entitlement to avail of the Debt Warehousing Scheme (DWS) being withdrawn.
Where warehousing is withdrawn, periods which had been warehoused:
- will become payable immediately
- may be subjected to debt collection enforcement action
- will be subject to interest charges of 8% or 10% per annum.
In addition, your Tax Clearance Certificate (TCC) will be automatically rescinded. Consequently, any Government support payments or grant aid will cease until the compliance issues are rectified.
Information source: Revenue Debt Warehousing Scheme (DWS)
For additional information on any of the energy supports available to business, please contact our expert team.