Business

Almost 13,000 firms facing 10 per cent debt warehouse penalty charge

Revenue could wield ‘big stick’ with companies who have failed to start making repayments under Covid-19 scheme

New figures from Revenue show that 13,000 businesses who owe €285 million have been expelled from the debt warehousing scheme

Around 13,000 businesses are facing the “big stick” of a 10 per cent Revenue penalty charge after they were expelled from its debt warehousing scheme.

The scheme was set up during the Covid-19 pandemic to allow businesses to postpone paying their taxes without being charged any interest or penalties.

Around 63,000 businesses still have €2.2 billion in tax debts in the warehousing scheme, which they will have to start paying back next year.

But new ...