• 05/07/2022

Repayment of Refundable Advances

Within the week, it is expected to be published the amounts which will have to be returned by approximately 700,000 businesses and freelancers who received aid through the seven cycles of the Refundable Advance.

The Independent Public Revenue Authority (AADE) will issue separate settlement notes for each Returnable Advance cycle, depending on the number of subsidies received by each obligee through the seven cycles. In other words, if a company has received amounts from 4 Refundable Advance cycles then it will receive four settlement notes.

Based on the existing schedule, the amount can be paid either in one lump sum with an additional 15% discount at the end of July or in 96 installments, with the first also being paid at the end of July. In the event that someone has received amounts through two Refundable Advance cycles, they have the option, if they wish, to repay the amount from one cycle in one go (earning the additional 15% discount) and the amount from the second cycle to pay it off in 96 interest-free monthly installments.