Tax

Thousands of firms rush to agree debt payment plans in time for May deadline

Department of Finance says that the level of warehoused debt not subject to a repayment plan was now below €1 billion

On Monday morning, Michael McGrath, finance minister, said Revenue had seen a “surge in contact by business owners”. Picture: Fergal Phillips

Companies have scrambled to arrange payment plans in the past month with 4,200 arrangements made since the end of March and a further 1,300 being processed by Revenue.

By close of play April 26 Revenue had agreed 7,000 payment arrangements worth €700 million, according to the Department of Finance. This was up from the almost 2,800 customers that had agreed phased payment arrangements (PPA) for €237 million of warehoused debt at the end of March.