Finance Act 2020
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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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67. Section 114B of the Value-Added Tax Consolidation Act 2010 is amended— | ||
(a) by substituting the following 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, prior to Period 3, entered into an agreement with the Collector-General to pay the accountable person’s Covid-19 liabilities, together with interest under this subsection, and | ||
(d) the accountable person complies with the obligations of the accountable person under the agreement referred to in paragraph (c), | ||
from the first day of Period 3, simple interest shall be paid by the accountable person to the Revenue Commissioners on any amount of the Covid-19 liabilities remaining unpaid and such interest shall be calculated from that day until payment of the amount for any day or part of a day during which that amount remains unpaid, at a rate of 0.0082 per cent.”, | ||
(b) by deleting subsection (9), | ||
(c) by substituting the following for subsection (10): | ||
“(10) Where an accountable person— | ||
(a) during Period 1 or Period 2, fails to comply with an obligation referred to in subsection (7)(b), | ||
(b) on the first day of Period 3, has not entered into an agreement referred to in subsection (8)(c), or | ||
(c) during Period 3, fails to comply with an obligation referred to in subsection (8)(b) or (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 in 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 in which paragraph (b) applies, the first day of Period 3, | ||
and such interest shall be calculated from that day 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.”, | ||
and | ||
(d) by deleting subsection (11). |