Some €120m of outstanding tax debt dating back to the Covid 19 pandemic has been deemed uncollectable by the Revenue Commissioners, according to the Minister for Finance Michael McGrath.
Speaking in Brussels, Mr McGrath said a further €200m in"active tax debt" remained outstanding and that 11,700 businesses had been served with notices by Revenue last week.
The minister warned those businesses that"the Revenue Commissioners will go about their work in the normal way, with the normal interest rates applying, and that would make life more difficult for businesses, because the interest rates can be burdensome." Mr McGrath said the bulk of the 11,700 businesses who still owe €200m in unpaid tax is made up of 800 businesses who owe more than €50,000 each.
"Overall, that represents excellent progress. I want to commend the Revenue, the businesses and their advisors, for all of the work that has been undertaken in recent weeks to get us to this point," the minister told reporters ahead of a meeting of EU finance ministers.
Business Michael Mcgrath Revenue Commissioners Tax Tax Debt Warehousing Scheme
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