In light of the procedures announced yesterday by Government to help to interrupt the transmission of COVID-19, Revenue have today outlined some important advice and arrangements taken to assist SME businesses experiencing cashflow and trading difficulties arising from the impacts of the virus.
Revenue has provided advice in 3 areas (SME, Subcontractors and importing goods) which they believe will support businesses that are experiencing trading and cashflow difficulties caused by the recent impacts of COVID-19.
Information for SMEs
Tax Returns: Businesses should continue to send in tax returns on time
Interest for late payments: the application of this interest is suspended for Jan/Feb VAT and both February and March PAYE (Employers) liabilities
Debt Enforcement: All debt enforcement activity is suspended until further notice
Tax Clearance: current tax clearance status will remain in place for all businesses over the coming months
Information for Subcontractors
RCT rate review: The review scheduled to take place on 28 March 2020 is suspended.
RCT rate reviews can be self-managed in ROS. Subcontractors can check if their rate should be lower and can then ‘self-review’ to get that lower deduction rate.
Information on importing goods
Customs: critical pharmaceutical products and medicines will be given a Customs ‘green routing’ to facilitate uninterrupted importation and supply.
If your business is not a SME and is experiencing temporary cash flow or trading difficulties you should contact the Collector-General’s office on (01) 7383663 or engage directly with your branch contacts in Revenue’s Large Corporates Division or Medium Enterprises Division.
It is great to see Revenue act so quickly to assist business and if you have any queries please contact a member of the Comerford Foley team
See link to Revenue press release below