Up to €50 million worth of pandemic tax debt has been recorded among businesses across the Shannonside Northern Sound region. It comes as Finance Minister Michael McGrath draws up plans to allow three to five years for companies to finish paying their debts. The pandemic was a harrowing period for most businesses across the country. According to Sunday's Business Post, construction firms and retailers are the worst affected by pandemic tax debts.
Monaghan businesses hold the highest amount of tax debt in the region at €15 million, followed by Cavan, at €12 million. Longford sectors are currently €9 million in debt, while Roscommon businesses are in the debt warehouse by €8 million. Leitrim is the county with the lowest pandemic tax debt in the region, at €6 million. In total, €50 million of tax debt was identified among local businesses still struggling in the economic aftermath of the pandemic. Nationally, more than 57,700 businesses are currently facing a combined €1.75 billion pandemic tax debt.
