Update from Retail Excellence Ireland 13th March 2020
VAT & PAYE | PRSI:
The Revenue will now defer all tax collections for the Retail Industry. No penalties or interest will apply. Please phone your local tax office. Revenue will take note of the call and details of the amount due and add a note to the account associated with your tax number. They will advise to file the return but not to make a payment. You can advise that the company’s cashflow has suddenly come under significant pressure and you will not be in a position to pay the upcoming tax liabilities. They will understand your situation. They are fully briefed as to what is going on.
It is important that we all work with our suppliers at this time. We are aware of many supportive suppliers who are significantly extending credit terms (120-180 days in some cases with the probability of further extensions), changing buying agreements to sale and return and many are offering significant contributions to mark-downs in preparation for the return of normality. They are offering the latter support as they know when retail starts to operate normally (and it will) you will need to inject some great offers into the market to get the customer actively buying again.
If we do not see a significant reduction and deferment of commercial rents from Wednesday of next week Retail Excellence Ireland will log all inflexible landlords and submit a report to the Cabinet on the matter. Emergency legislation will be considered at that stage.
No formal advise has been received on rates but I personally know most County & City CEOs and I am very sure they are totally understanding of what is happening and will hold off on collections for a number of months.