As part of the measures included in the July Stimulus package, a reduced interest rate on overdue non-COVID-19 tax liabilities has been introduced.

Where a taxpayer enters into a payment arrangement with Revenue in respect of non-COVID 19 tax liabilities before the 30th of September a reduced interest rate of 3% will be applicable to the debt.  With interest rates on outstanding tax liabilities typically ranging between 8%-10% per annum, this is a welcome development for taxpayers struggling to deal with outstanding tax debts.

If the taxpayer has previously entered into a payment arrangement the reduced rate of 3% will apply to the outstanding tax liability as of the 1st of August.

If you currently have outstanding tax liabilities arising from the pre-COVID-19 period it is important that you engage with Revenue without delay to avail of the reduced rate.

If you require any assistance, please do not hesitate to contact a member of the Cooney Carey tax department at 01 677 9000 or by email at info@cooneycarey.ie

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