Finance Act 2024
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Amendment of section 114B of Value-Added Tax Consolidation Act 2010 (Covid-19: special warehousing and interest provisions) | ||
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109. Section 114B of the Value-Added Tax Consolidation Act 2010 is amended— | ||
(a) by the deletion of subsection (7), | ||
(b) by the substitution of the following subsection for subsection (8): | ||
“(8) Where— | ||
(a) this section applies to an accountable person, | ||
(b) the accountable person complies with the accountable person’s obligations under the Acts, | ||
(c) the accountable person has— | ||
(i) before 1 May 2024, engaged with the Collector-General regarding the accountable person’s Covid-19 liabilities with a view to entering into an agreement to pay those liabilities, and | ||
(ii) entered into an agreement referred to in subparagraph (i), whether before or after 1 May 2024, | ||
and | ||
(d) the accountable person complies with the obligations of the accountable person under the agreement entered into as referred to in paragraph (c)(ii), | ||
no interest shall be due and payable by the accountable person in respect of the accountable person’s Covid-19 liabilities during Period 1, Period 2 and Period 3.”, | ||
and | ||
(c) by the substitution of the following subsection for subsection (10): | ||
“(10) Where an accountable person— | ||
(a) at any time during the period beginning on the first day of Period 1 and ending on 30 April 2024 fails to comply with the accountable person’s obligations under the Acts, | ||
(b) is not an accountable person to whom subsection (8)(c) applies, or | ||
(c) on or after 1 May 2024— | ||
(i) fails to comply with the accountable person’s obligations under the Acts, or | ||
(ii) fails to comply with an obligation referred to in subsection (8)(d), | ||
simple interest shall be paid by the accountable person to the Revenue Commissioners on any amount of the Covid-19 liabilities remaining unpaid on— | ||
(I) in a case to which paragraph (a) or (c) applies, the date on which the event resulting in failure to comply with the obligation concerned occurred, and | ||
(II) in a case to which paragraph (b) applies, 1 May 2024, | ||
and such interest shall be calculated from— | ||
(A) in a case to which paragraph (a) applies, the date on which the event resulting in failure to comply with the obligation concerned occurred, | ||
(B) in a case to which paragraph (b) applies, the first day of Period 3, and | ||
(C) in a case to which paragraph (c) applies, 1 May 2024, | ||
until payment of the amount for any day or part of a day during which that amount remains unpaid, at a rate of 0.0274 per cent.”. |