Revenue relieves SMEs with measures to combat Covid-19 cash flow issues

13 Mar 20201.45k Views

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The Irish Revenue Commission will assist SMEs experiencing cash flow difficulties during the coronavirus pandemic with several new measures.

As the Covid-19 coronavirus outbreak continues and fears of an economic downturn rise, the Irish Revenue Commission has today (13 March) announced a number of measures to help SMEs that experience cash flow problems.

All debt enforcement activity is suspended until further notice and interest on late payments for January/February VAT and the February/March PAYE system has also been suspended.

Revenue has also advised that businesses experiencing temporary cash flow difficulties should continue to send in tax returns on time. Current tax clearance status will remain in place for all businesses over the coming months.

These latest measures follow key advice issued by Revenue earlier this week, which asked businesses experiencing tax payment difficulties to engage with Revenue as soon as possible. “It is important that businesses know that Revenue has a long history of working very successfully with taxpayers to resolve their tax payments difficulties,” it said in a statement.

‘Critical pharmaceutical products and medicines will be given a customs ‘green routing’ to facilitate an uninterrupted supply chain’

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In its latest announcement, Revenue also advised subcontractors that the relevant contract tax rate review scheduled to take place in March 2020 has been suspended. It also said that critical pharmaceutical products and medicines will be given a customs ‘green routing’ to facilitate an uninterrupted supply chain.

These measures follow a number of other financial measures put in place in the last few days to protect the economy both in Ireland and around the world amid the coronavirus outbreak.

‘We will do whatever is necessary to support the Europeans and the European economy’
– URSULA VON DER LEYEN

Earlier this week, Minister for Business, Enterprise and Innovation Heather Humphreys, TD, announced details of a support package for Irish businesses, while the European Commission (EC) has created a €37bn emergency fund for at-risk sectors hit by coronavirus.

President of the EC, Ursula von der Leyen, said in a statement, “The important economic package announced today deals with the situation of today. We stand ready to do more as the situation evolves. We will do whatever is necessary to support the Europeans and the European economy.”

Jenny is the Deputy Editor of Siliconrepublic.com

editorial@siliconrepublic.com