The Minister for Finance and Employment has announced that companies that availed themselves of the Tax Deferral Scheme, which postponed the payment of taxes to help companies and businesses with their liquidity difficulties, will have to start paying their taxes.
Beneficiaries will have up until December 2024 to repay the taxes deferred under the Scheme. The first in a series of monthly installments will be due in June 2022. While interests will be frozen, should the beneficiary fail to pay by the end of December 2024, the benefits given under the Scheme will be lost and the interest would be owed on the amount that would not be paid. During the repayment period, businesses are also expected to settle their tax dues.