Revenue has estimated that around 85% of the €1.65bn of debt it had been warehousing for firms at the start of this month will shortly have either been paid off in full or be in a phased payment arrangement.
Yesterday, the deadline passed for businesses that had debt in the warehouse to have either cleared it or agreed a plan to pay it with Revenue.
However, Revenue said earlier this week that while it wasn't extending its deadline, it would continue to have extended contact hours for the rest of this week so firms could engage with it.
This evening Revenue said that by 4pm today over 10,000 Phased Payment Arrangements had been set up on its system.
"We are actively progressing 1,500 PPA applications at present. In addition, in the last three days we have processed over €65m in payments for the debt warehouse debt," it said.
"We estimate that, when PPA applications on hand are finalised and incoming payments on ROS are processed, 85% of the €1.65bn of debt that was warehoused at the start of April will either have been paid in full or secured under PPAs."
However, it reminded those that have not yet put arrangements in place that they risk losing the 0% interest rate and flexible payment options available to them.
"To avoid this possibility, businesses are strongly encouraged to engage with us immediately to devise a payment plan covering their warehoused debt," it said.
"Taxpayers can engage with Revenue 24/7 via our digital channels (MyEnquiries or ROS). Alternatively, the Collector General’s phone lines will be open tomorrow until 16.30 (Ph: 01 738 3663) to assist in this process and finalise the payment arrangements submitted to us."
