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New Revenue measures set up for SMEs experiencing cashflow problems

All debt enforcement activity has been suspended until further notice.

Image: Shutterstock/wavebreakmedia

SMALL AND MEDIUM Enterprises (SMEs) experiencing cashflow and trading issues arising from Covid-19 have been issued advice by Revenue today. 

SMEs experiencing a temporary cash flow issues have been advised to continue sending in tax returns on time. 

Applications of interest on late payments have been suspended for January/February VAT, and for the PAYE liabilities for February and March for employers. 

All debt enforcement activity has also been suspended until further notice.

The current tax clearance status will stay in place for all businesses over the coming months. 

For subcontractors, Relevant Contract Tax (RCT) rate review scheduled to take place this month have been suspended.

In customs, critical pharmaceutical products and medicines will be given a Customs ‘green routing’. This means the goods and documentation will not require examination to ensure the products arrive uninterrupted. 

Further guidance on the March/April VAT returns will be given well in advance along with updates on other returns in the future. 

Minister for Finance Paschal Donohoe welcomed these outlines today.

“Acknowledging people’s concerns is the first step in assuaging them. People should be reassured that Ireland is coming at this from a position of strength and that everything that can be done is being done to deal with this public health crisis. We can, and we will, get through this,” he said today. 

Donohoe said the government will assist affected businesses and noted it is particularly aware of the cash flow issue that will affect them in weeks to come. 

“The societal and economic response to the Covid-19 outbreak is now evolving rapidly,” he said. 

“If further decisions are needed such as in example for how we support our health services that we require further funding, I will make that funding available for our services.”

Speaking at a press briefing today, Donohoe was questioned on AIB’s decision to introduce fees for contactless transactions from 31 May this year.

Donohoe said his department will be “engaging with the bank directly” on this issue. 

Some companies, including some in the US according to the Los Angeles Times, have recently discouraged the use of cash when paying for goods and services due to Covid-19 fears.

A spokesperson from the World Health Organization told UK news outlet The Independent that “it’s possible” the coronavirus could spread through banknotes. 

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