According to the updated Revenue notice, tax deferred under the COVID-19 Tax Deferral scheme is to be settled by 31 October 2020.
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.
For those taxpayers who were not eligible for the COVID-19 Tax Deferral scheme or did not apply for the scheme and had provisional tax to pay in April 2020, they can avail themselves of the extension of the provisional tax payment deadline by 31 May 2020.
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