Based on the new legislation, persons (either corporations or individuals) who have outstanding social insurance contributions, now have the opportunity of repaying the outstanding balances up to 54 equal monthly installments.
Under the new legislation the minimum amounts for each equal monthly installment are as per the table below:
|Social insurance contributions due||Minimum instalment per month|
|Up to €500||€25|
|From €501 up to
A person who proceeds with a one off payment for the entire amount of any overdue debts, will be exempt from the obligation to pay the additional charges imposed. In the instance where the equal monthly installments of the
legislative repayment scheme as agreed are less than 54, the person is exempted from the additional charges imposed proportionately.
A person who does not comply with the social insurance contribution installments for more than three months, will not be entitled to benefit from the repayment scheme anymore.
It should be noted that persons should proceed with an application to join this scheme within four months from the date that the law came into effect (i.e. from 1st July 2016 to 31 October 2016).
We remain at your disposal for any queries you may have in relation to the above, or for any assistance requested in completing the relevant application for entering the social insurance repayment scheme.