The Office of the Commissioner for Revenue (CfR) has updated the notice on the Tax Deferral Scheme to include the deferred tax payment deadline. Eligible taxes which fell due in March and April and those which will fall due in May and June 2020 must be settled by not later than the 31st October 2020. Eligible taxes include provisional tax, employee taxes, maternity fund payments and social security contributions, social security contributions of self-employed persons and Value Added Tax.
The objectives of the tax deferral scheme were to improve the liquidity of businesses by easing pressures on their cash flow arising from the economic impact of the coronavirus pandemic as well as to encourage the retention of employees by affected business.