COVID-19 Tax Deferral – Settlement Date

On 25 May the Revenue updated the notice related to the COVID-19 Tax Deferral scheme with a period for the settlement of the deferred tax. Such deferred tax is to be settled by 31 October 2020.

The COVID-19 Tax Deferral scheme allowed for the deferral of taxes payable by tax compliant taxpayers who suffered a 'significant downturn in their turnover' due to the COVID-19 pandemic. The taxes covered are provisional taxes, employee taxes, maternity fund payments, social security contributions and value added tax that fell or fall due in March, April, May or June 2020. Application for the deferral of taxes are now closed. It is understood that the updated settlement period applies to all taxes deferred as aforesaid.