Finance Act 2020

Amendment of section 17C of Social Welfare Consolidation Act 2005 (Covid-19: special warehousing and interest provisions for contributions)

68. Section 17C of the Social Welfare Consolidation Act 2005 is amended—

(a) by substituting the following for subsection (8):

“(8) Where—

(a) this section applies to an employer,

(b) the employer complies with the employer’s obligations under section 17A,

(c) the employer has, prior to Period 3, entered into an agreement with the Collector-General to pay the employer’s Covid-19 liabilities, together with interest under this subsection, and

(d) the employer complies with the obligations of the employer under the agreement referred to in paragraph (c),

from the first day of Period 3, simple interest shall be paid by the employer to the Collector-General 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 employer—

(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 employer to the Collector-General 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).