Michael McGrath slashes interest rate on warehoused tax debt to 0%

McGrath said all businesses that had paid interest at 3 per cent would be refunded

Michael McGrath, the finance minister, has announced significant changes to the warehousing scheme. Picture: Fergal Phillips

Michael McGrath has announced significant changes to the tax debt warehousing scheme with a reduction in the interest rate applying to warehoused tax debt to 0 per cent.

Revenue has also confirmed that, where a business has already paid warehoused debt, which was subject to interest at 3 per cent, it will get a refund of that interest to ensure that all taxpayers are treated fairly.

Businesses will also have the possibility of extending the duration of ...