This podcast was recorded on 19 October 2022.
Kim Doyle, Tax Director with Grant Thornton is joined by Elaine Flynn, Associate Tax Director with our Global Mobility Team in Ireland and Floor Den Hollander, Tax Manager with our International Tax team in the Netherlands.
Revenue announced an important and significant extension to the Debt Warehousing Scheme. Under the scheme, businesses with warehoused debt were due to enter into an arrangement with Revenue to deal with that debt by the end of the year (or by 1 May 2023 for those subject to the extended deadline). Given the current economic uncertainty, Revenue has extended the timeline to 1 May 2024.
Also, Revenue have recently contacted all taxpayers who partook in the Debt Warehousing Scheme (“DWS”), as well as those for whom the DWS was automatically made available (taxpayers in Revenue’s Business and Personal Divisions) but who did not avail of the scheme.
Our Debt Warehouse Scheme bulletin provides more information on these developments.
At the time of recording we were waiting on Finance Bill 2022, this was subsequently published on Thursday 20 October. On the podcast we highlight changes flagged to two measures initially announced as part of Budget 2023:
For more on these changes and our summary of all the key measures. read our commentary on Finance Bill 2022.
Elaine, Floor and Kim discussed the following: