McFadden criticises change to tax payment deadline for self-employed

PRESS RELEASE -

The Fine Gael candidate for Longford/Westmeath Senator Nicky McFadden has questioned the move by the Minister for Finance, to bring forward the tax payment date for the self-employed to the 30th September this year, which is one month earlier than in previous years.

According to McFadden this will place significant additional cash flow
pressures on every business and self-employed individual throughout the country. “Many taxpayers, who will be affected by this move, would normally pay their tax liability by saving up enough money over a period of months. Now, this move by the Finance Minister will place increasing pressure on businesses to pay their tax bill one month earlier than in previous years.

“This decision will simply compound the difficulties being experienced by all business sectors throughout the constituency. The ability of businesses to borrow additional cash to pay their tax bill earlier than expected in 2011 is well and truly limited and in many cases, taxpayers will simply have to enter into a separate arrangement with the Revenue Commissioners to pay any tax liability that cannot be funded.

“It is difficult to comprehend why the Minister has gone down this road and why he is bringing further grief on the self-employed sector in this way.”