Nearly 105,000 businesses were continuing to avail of Revenue's tax debt warehousing scheme at the end of January, collectively owing more than €3 billion.
However, the latest data from the tax collector shows that a majority of firms that are eligible to take part in the programme are currently meeting their tax payment obligations.
Of the 250,000 companies that have been able to participate in it since it began, 59% either paid all their taxes when they were due or have since paid off warehoused tax debt.
Among the remainder, more than a third have paid part of the debt they parked and continue to use the scheme, to the tune of €2.7 billion.
The remaining 5% continue to use the scheme to warehouse all their tax debts.
This group, made up of 12,000 businesses, collectively owe Revenue €300m.
Not surprisingly, the two sectors with largest proportion of debt that has so far gone unpaid are accommodation and food services, and arts, entertainment and recreation.
However, the sector that has the largest amount of debt warehoused is wholesale and retail, which owes €670m from 16,000 businesses.
10,400 businesses in accommodation and food service owe a collective €402m.
Of the almost 105,000 firms still using the scheme, 3,200 are classed as large or medium in size.
Under the system, which was introduced in the early stages of the Covid-19 pandemic to help hard pressed businesses, certain tax debts can be parked on an interest free basis until the end of this year.
Businesses that were hit with further Covid-19 restrictions introduced in December have until the end of April next year to avail of the warehousing.
A total of €30.9 billion in debt has been eligible for the scheme since it was introduced, although 90% of that has been paid.
According to Revenue, €23.1 billion was paid in the month it was due, while €4.9 billion was paid after the due month and the remaining €3 billion remains warehoused.
Revenue is now contacting all those participating in the scheme to remind them about when it is to come to an end and that if they aren't filing tax returns they need to do so before the end of April.
"Businesses that are able to, and that want to, can pay off some or all of their debt at any time in the intervening period," said Collector-General Joe Howley.
"I am also reminding businesses that, while their tax debts are warehoused, they need to file current tax returns as they fall due and pay the associated tax liabilities on time," he said.
"Any business that doesn’t do this, will lose the benefits of the Debt Warehousing Scheme," he stated.
The consequence of this, Mr Howley said, would be that the debts would fall due for payment right away and the zero or reduced interest rates would not apply.
He added that as the scheme comes to an end, Revenue will contact businesses directly and put in place a tailored payment arrangement for the parked debt.
"The payment arrangement will take account of the financial circumstances of the business concerned and a reduced rate of interest of 3% will apply for the duration of the agreed payment schedule," he said.
Chambers Ireland said the scheme has been a great success and had provided liquidity to firms that were struggling through the darkest days of the pandemic.
"For the 59% of businesses that have exited the scheme, it was a lifeline that supported many livelihoods and households," said chief executive Ian Talbot.
"With the winding up of supports like the EWSS difficult days are coming for many businesses that continue to struggle," Mr Talbot said.
"Many in our network are concerned about the war in Ukraine’s impact on the tourist sector here, meanwhile increased energy prices are undermining the viability of other firms that are operating in particularly exposed sectors," he said.
"With so much in flux at the geo-political level, Chambers Ireland is urging government to maintain policy flexibility around the winding up of any more supports," he added.
