Just over 7,000 businesses that availed of Revenue’s debt warehousing scheme have failed to make a plan to pay their debt.
This amounts to €100 million, which has now been removed from the warehouse.
However, Revenue said normal collection and enforcement proceedings apply.
The debt warehousing scheme was introduced near the start of the Covid-19 pandemic to help firms struggling with cash flow as a result of the lockdown.
Revenue’s annual report shows that over 93% of the overall debt has now been either settled in full or secured under a phased payment arrangement. This amounts to €3 billion.
“The vast majority of PPAs set up to pay warehoused debt are being actively adhered to, and payments of approximately €30 million are being collected through these arrangements each month,” said Revenue Chairman, Niall Cody.
“These results are testament to the pragmatic and flexible approach we adopted in assisting businesses to exit the warehouse.
“We acknowledge the high level of engagement from businesses and their agents throughout the duration of the scheme and, in particular, in the lead up to the 1 May 2024 deadline,” he added.
