WEBINAR: NAVIGATING THE WAREHOUSING OF TAX DEBTS DURING COVID-19
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WEBINAR: NAVIGATING THE WAREHOUSING OF TAX DEBTS DURING COVID-19 3 February 2021
TODAY’S PRESENTATION
Speakers
• Adrian Cummins, CEO, Restaurants Association of Ireland
• Anne O’Dwyer, Managing Director, Global Restructuring and Debt Advisory, Duff & Phelps
• Olga Miller, Tax Director, Warren & Partners
• Anthony O’Callaghan, Senior Tax Manager, Warren & Partners
Agenda
1. Introduction
2. Overview of warehousing tax liabilities
3. Cashflow implications
4. Q&A
1
DUFF & PHELPS
Duff & Phelps is the global advisor that protects, restores and maximises value for clients in the areas of valuation, corporate
finance, disputes and investigations, cyber security, claims administration and regulatory issues. We work with clients across
diverse sectors on matters of good governance and transparency. With Kroll, the leading global provider of risk solutions, and
Prime Clerk, the leader in complex business services and claims administration, our firm has nearly 4,000 professionals in 25
countries around the world.
MORE THAN
13,500
~4,000 19,000 CLIENTS INCLUDING NEARLY
47% OF THE S&P 500
TOTAL PROFESSIONALS ENGAGEMENTS 60% OF THE Fortune 100
GLOBALLY PERFORMED IN 2019
70% OF THE TOP 25 PE FUNDS
REAL ESTATE ADVISORY GROUP
CLIENTS
INCLUDE
Largest 750+ PE FIRMS
HEDGE FUNDS
VALUATION PRACTICE IN EUROPE
AND THE WORLD PUBLIC COMPANIES
PROFESSIONALS
PRIVATE COMPANIES
GOVERNMENT ENTITIES
2
NAVIGATING THE WAREHOUSING OF
TAX DEBTS DURING COVID-19
RESTAURANTS ASSOCIATION
OF IRELAND
3 February 2021
WARREN & PARTNERS
ONE OF IRELAND'S LEADING BOUTIQUE TAX AND BUSINESS ADVISORY FIRMS
olgamiller@warrenp.ie
+ 353 6607 333 + 353 87 6551 350
Olga is Tax Director with Warren & Partners. She is an AITI Chartered Tax
Adviser and has over 20 years of taxation experience. She advises mainly high
net worth individuals, Partnerships and family owned businesses on a wide
range of topics including income and capital gains tax planning, together with
related issues such as Revenue audits and business structuring. She also
specialises in global mobility and advises employees and employers on a wide
range of associated topics.
4
WARREN & PARTNERS
ONE OF IRELAND'S LEADING BOUTIQUE TAX AND BUSINESS ADVISORY FIRMS
anthonyocallaghan@warrenp.ie
+ 353 663 1619
Anthony is Senior Tax Manager with Warren & Partners. He is an AITI
Chartered Tax Adviser with almost 20 years of taxation experience. He advises
mainly high net worth individuals, Partnerships, family owned businesses and
family offices on a wide range of topics including income and capital
transaction planning, together with related issues such as VAT, Revenue audits
and business structuring. He has a particular interest in assisting clients with
estate planning and the passing of family wealth to the next generation.
5
ABOUT US
Warren & Partners are one of the longest established specialist tax advisory firms in Ireland. Their Dublin-based
team of chartered tax advisors have been delivering tax and business consultancy services for over 25 years.
An Experienced Team of Chartered Tax Advisors
Warren & Partners is not a training firm and hires only qualified professionals who have the expertise and
knowledge to deal with the vast array of tax, commercial and legal issues that may affect their clients. This
means that clients always have access to a team that are highly-skilled and best equipped to meet their
requirements.
A Unique Relationship with Warren Private
Warren & Partners’ sister company, Warren Private, provides complementary real estate investment,
management, banking and restructuring services to clients.
The combined services of Warren & Partners and Warren Private make it a unique offering in the Irish market.
6
KEY POINTS
• As at January 2021, there were approximately 70,000 businesses availing of debt warehousing covering €1.9
billion in tax debt.
• The Debt Warehousing Scheme (“the scheme”) allows businesses to defer PAYE (Employer) and VAT debts
relating to the C-19 crisis. However, even if tax can’t be paid, all tax returns must be filed on time.
• PAYE (Employer) liabilities include Income Tax, Universal Social Charge, employees and employers PRSI and
Local Property Tax due to be remitted by employers under the PAYE system.
• Self-Employed (assessed) individual's can warehouse Income Tax amounts.
• Temporary Wage Subsidy Scheme (“TWSS”) overpayments are now also covered by the scheme.
• The scheme includes no provision for tax debt write off.
• Revenue Information is regularly updated – the current Booklet is dated 19 January 2021 “Warehousing of
Tax Debts Associated with COVID-19” .
7
SCHEME DETAILS – WHO QUALIFIES?
Small and Medium Enterprises (SMEs)
• SMEs dealt with by the Revenue’s Personal & Business Division can have VAT & PAYE (Employer) debts from C-
19 restricted trading periods warehoused.
• For tax purposes, a SME is a business with a turnover of less than €3 million which is not dealt with by
Revenue’s Large Corporates Division (LCD) or Medium Enterprise Division (MED).
• SME’s automatically qualify for the scheme and they do not have to apply – Revenue automatically
warehouse the debt.
• The taxpayer should receive confirmation of which tax liabilities are covered by the scheme from Revenue via
ROS or My Account (such letters were originally to issue by Revenue in mid October).
8
9
10
SCHEME DETAILS – WHO QUALIFIES?
Large Corporates Division (LCD) and Medium Enterprise Division (MED)
• If you are dealt with by either the LCD or MED Revenue divisions, you have to apply for the debt to be
warehoused.
• These businesses must be unable to pay VAT, PAYE (Employer) and TWSS liabilities and should be able to
demonstrate their financial difficulties to Revenue.
• Revenue will be entitled to make enquiries to satisfy itself that the business is unable to pay or repay any
liabilities.
• There is a template to be completed – you then liaise with either your normal Revenue Branch or the
Collector General’s Division.
11SCHEME DETAILS – WHO QUALIFIES?
Large Corporates Division and Medium Enterprise Division Tax payers
COVID-19 Request to defer Tax payment
CUSTOMER NAME: CUSTOMER NUMBER:
DETAILS OF TAX DEBT BY TAXHEAD CONFIRM THAT ALL TAX RETURNS ARE UP TO DATE:
OUTLINE THE BUSINESS CASE IN SUPPORT OF APPLICATION
OUTLINE THE CURRENT FINANCIAL DIFFICULTIES BEING
EXPERIENCED
PROPOSED DURATION OF THE PAYMENT ARRANGEMENT
12SCHEME DETAILS – 3 Periods:
Period Interest
Rate
Period 1 • “Covid 19 Restricted Trading Period” by Reference to the Government 0%
Roadmap for Reopening Society and Business (the “Roadmap”).
• Restricted trading phase - the period during which the business was unable to
trade or was trading at a significantly reduced level due to the C-19 restrictions.
• The earliest Period 1 commences is 1 January 2020 for VAT (VAT period
January/February) and 1 February 2020 for PAYE (Employer)
• End date based on the end of the restricted trading phase + next full bi-
monthly VAT period (for both PAYE and VAT liabilities).
Period 2 • “Zero Interest Period” 0%
• End of period 1 for 12 months.
• May be extended by Ministerial Order but currently cannot be extended past
December 2022.
Period 3 • “Reduced Interest Period” 3%
• Starts at end of period 2 & continues until debt is paid.
• The business must enter into a Phased Pay Arrangement with the Collector
General.
13SCHEME DETAILS
• The default position for period 1 is to assume that the business resumed trading in line with the Roadmap. If
a business recommenced at a later date, it must have proof of this.
• All the tax returns must be filed on time. If the taxpayer is unable to complete a return (e.g. book keeper is
ill), the business should submit returns based on best estimates. The correct return should be filed before the
end of Period 1.
• After the restricted trading period has ceased, all taxes that fall due for current periods during the
warehousing arrangement must be maintained for the duration of the warehousing period and for any
subsequent arrangement period to guarantee the reduced interest rates (0% and 3% (on the warehoused
debts only)).
• If the business cannot pay current taxes, they should contact Revenue asap – failure to engage with Revenue
could result in the business being removed from the scheme.
14SCHEME DETAILS
• The reduced rates of interest only apply to warehoused debt. Otherwise normal interest rates apply (8% p.a.
for direct taxes such as income tax and corporation tax and 10% for VAT and PAYE (employer).
• Any additional liabilities which have been declared to Revenue, due to error or omission will not be entitled
to debt warehousing – need to regularise matters.
• Refunds/Repayments will automatically issue unless business requests the repayment to be offset against
warehoused or other debts (may be attracting higher interest rates).
• Revenue have stated that debt will not be subject to enforcement activity (at the end of Period 2) once there
is engagement with Revenue.
• Revenue have also stated that the timeframe to pay the warehoused debt will be flexible and determined by
the ability of the business to pay both C-19 related debts as well as meeting its on-going tax liabilities.
15TAX CLEARANCE
• Where a business has C-19 related tax debts which are warehoused or non C-19 related liabilities which are
included in a Phased Payment Arrangement, the business will qualify for Tax Clearance, despite outstanding
debts.
• This means that such businesses can qualify for:
- EWSS
- CRSS
- Stay & Spend scheme as a service provider
16LIABILITIES AVAILABLE FOR WAREHOUSING
Month Business Liabilities to be warehoused Period 1 (COVID-19 Period 2 (Zero Interest Period 3 (Reduced Interest
Resumes Trading (“COVID-19 liabilities”) restricted trading phase – Phase – 0% interest on Phase – 3% interest on
0% interest on COVID-19 COVID-19 liabilities) COVID-19 liabilities)
liabilities)
May 2020 VAT: January – August 2020 1 January 2020 1 September 2020 – 31 1 September 2021 until
PAYE: February – August (VAT)/1 February 2020 August 2021 COVID-19 liabilities are paid in
2020 (PAYE) – 31 August 2020 full
June 2020 VAT: January – August 2020 1 January 2020 1 September 2020 – 31 1 September 2021 until
PAYE: February – August (VAT)/1 February 2020 August 2021 COVID-19 liabilities are paid in
2020 (PAYE) – 31 August 2020 full
July 2020 VAT: January – October 2020 1 January 2020 1 November 2020 – 31 1 November 2021 until COVID-
PAYE: February – October (VAT)/1 February 2020 October 2021 19 liabilities are paid in full
2020 (PAYE) – 31 October 2020
August 2020 VAT: January – October 2020 1 January 2020 1 November 2020 – 31 1 November 2021 until COVID-
PAYE: February – October (VAT)/1 February 2020 October 2021 19 liabilities are paid in full
2020 (PAYE) – 31 October 2020
September 2020 VAT: January – December 1 January 2020 1 January 2021 – 31 1 January 2022 until COVID-19
2020 (VAT)/1 February 2020 December 2021 liabilities are paid in full
PAYE: February – December (PAYE) – 31 December 2020
2020
17LIABILITIES AVAILABLE FOR WAREHOUSING
Month Business Liabilities to be warehoused Period 1 (COVID-19 Period 2 (Zero Interest Period 3 (Reduced Interest
Resumes Trading (“COVID-19 liabilities”) restricted trading phase – Phase – 0% interest on Phase – 3% interest on
0% interest on COVID-19 COVID-19 liabilities) COVID-19 liabilities)
liabilities)
October 2020 VAT: January – December 1 January 2020 1 January 2021 – 31 1 January 2022 until COVID-19
2020 (VAT)/1 February 2020 December 2021 liabilities are paid in full
PAYE: February – December (PAYE) – 31 December 2020
2020
November 2020 VAT: January 2020 – 1 January 2020 1 March 2021 – 28 February 1 March 2022 until COVID-19
February 2021 (VAT)/1 February 2020 2022 liabilities are paid in full
PAYE: February 2020 – (PAYE) – 28 February 2021
February 2021
December 2020 VAT: January 2020 – 1 January 2020 1 March 2021 – 28 February 1 March 2022 until COVID-19
February 2021 (VAT)/1 February 2020 2022 liabilities are paid in full
PAYE: February 2020 – (PAYE) – 28 February 2021
February 2021
18LIABILITIES AVAILABLE FOR WAREHOUSING
Month Business Liabilities to be warehoused Period 1 (COVID-19 Period 2 (Zero Interest Period 3 (Reduced Interest
Resumes Trading (“COVID-19 liabilities”) restricted trading phase – Phase – 0% interest on Phase – 3% interest on
0% interest on COVID-19 COVID-19 liabilities) COVID-19 liabilities)
liabilities)
January 2021 VAT: January 2020 – April 1 January 2020 1 May 2021 – 30 April 2022 1 May 2022 until COVID-19
2021 (VAT)/1 February 2020 liabilities are paid in full
PAYE: February 2020 – April (PAYE) – 30 April 2021
2021
February 2021 VAT: January 2020 – April 1 January 2020 1 May 2021 – 30 April 2022 1 May 2022 until COVID-19
2021 (VAT)/1 February 2020 liabilities are paid in full
PAYE: February 2020 – April (PAYE) – 30 April 2021
2021
March 2021 VAT: January 2020 – June 1 January 2020 1 July 2021 – 30 June 2022 1 July 2022 until COVID-19
2021 (VAT)/1 February 2020 liabilities are paid in full
PAYE: February 2020 – June (PAYE) – 30 June 2021
2021
19EXAMPLES – Period 1 End Date
20EXAMPLES
Example - VAT and PAYE (Employer) warehousing – multiple closures
Sue is a sole trader and runs a bar/restaurant in Offaly. Sue submits bi-monthly VAT returns, and monthly PAYE
(Employer). The bar closed on 15 March 2020 and re-opened under the Government Roadmap on 29 June. The
business traded throughout July but was subject to localised lockdown on 7 August. The business resumed to
trade again on 22 August when restrictions were lifted. However, national Level 3 restrictions were implemented
at midnight on 6 October, and Sue had to once again close her business.
Periods warehoused as of 29 June 2020
Originally the business re-opened on 29 June so PAYE (Employer) returns from February to June (end of VAT bi-
monthly period) plus 2 months had been warehoused, along with VAT returns from Jan to June (end of bi-
monthly period) plus an additional 2 months i.e.,
• PAYE (Employer): February, March, April, May, June, July and August 2020
• VAT: Jan/Feb, Mar/Apr, May/June, and Jul/Aug 2020
21EXAMPLES
Example , cont.
What happened when restrictions were re-imposed locally in August 2020?
However, when the local Level 3 restrictions forced the business to close again in August, her resumption date
moved to the ending of localised restrictions which was also in August 2020.
This allowed Sue to warehouse the additional returns;
• PAYE (Employer): September and October 2020
• VAT: Sept/Oct 2020
What happened when restrictions were imposed for a third time in October?
The raising of restriction levels to Level 5 has resulted in even further returns being available for warehousing. As
Level 5 was due to end in December 2020, Sue can warehouse up to the end of the bi-monthly VAT period plus 2
months i.e., February 2021. Sue can therefore warehouse the additional returns:
• PAYE (Employer): September, October, November and December 2020, January and February 2021
• VAT: Sept/Oct 2020, Nov/Dec 2020 and Jan/Feb 2021
22EXAMPLES
Example , cont.
What happened when restrictions were imposed again in December?
The ending of the national Level 5 restrictions will determine what further returns Sue will be able to warehouse.
Where those restrictions end in January 2021, Sue will be able to warehouse additional returns due up to
February 2021 plus 2 months which includes;
• PAYE (Employer) Returns: September, October, November and December 2020, January, February, March and
April 2021
• VAT Returns: Sept/Oct 2020, Nov/Dec 2020, Jan/Feb and Mar/Apr 2021
23INCOME TAX DEBT WAREHOUSING
• Applies to the following:
• Balance of Income Tax 2019
• Preliminary Tax 2020
• Balance of Income Tax 2020
• Preliminary Tax 2021
• When filing their 2019 Income Tax Return, a declaration had to be made by the taxpayer that their total
income for 2020 would be will less than 75% of their total income for 2019, as a result of C-19 restrictions.
• It was not possible to avail of debt warehousing in respect of the 2019 income tax balance where the
taxpayer has failed to meet preliminary tax requirements for 2019.
• When the taxpayer files their 2020 Income Tax Return, if it transpires that the taxpayer did not suffer a 25%
reduction in income, the debt will be removed from the debt warehousing scheme and full statutory interest
will apply (from 1 November 2020).
24INCOME TAX DEBT WAREHOUSING PERIODS
Period Balance of 2019 income tax + Balance of 2020 income tax + Interest
Preliminary Tax for 2020 Preliminary Tax for 2021 Rate
Period 1 31 October 2020 31 October 2020 – 31 October 2021 0%
Period 2 1 November 2020 – 31 October 2021 1 November 2021 – 31 October 2022 0%
Period 3 1 November 2021 – Date debt is 1 November 2022 – Date debt is 3%
discharged in full discharged in full
25SECTION 997A, TCA 1997
• S997A – provides that a proprietary director (or a connected person) is not entitled to a credit for payroll
taxes deducted from emoluments if the payroll taxes have not been paid by the employer company.
• If the payroll taxes have been warehoused – then the payroll taxes are not regarded as paid.
“Section 997A(3) TCA is not being disapplied, which means that if the tax on the director’s salary has not been
paid under PAYE because it has been warehoused, the director cannot take credit for it. The tax is not considered
to be remitted when warehoused for the purpose of section 997A (4) TCA.”
26INCOME TAX DEBT WAREHOUSING
Options
• If company making payments against the warehoused debt – request it be offset against payroll taxes.
• S1080B (Income Tax Warehousing) – may be possible, when filing the 2020 income tax return, to warehouse
the balance of tax due (including tax due on emoluments) for 2020 balance of tax and 2021 PT.
Watch:
➢ If companies are insolvent and are wound up (whether voluntarily or involuntarily), then the proprietary
directed (or connected person) will have to pay the income tax/USC and PRSI on the emoluments if the
payroll taxes have not been paid by the employer company.
➢ Payment of payroll taxes by employer company will be offset, in the first instance, against payroll taxes
deducted from persons not caught by S997A.
27INCOME TAX DEBT WAREHOUSING
Example – Income Tax and Preliminary Tax warehousing
John was due to file his Income Tax return for 2019 and Preliminary Tax 2020 on 31st October 2020. John’s agent
normally pays and files John’s return on-line, and so John had an extension date for filing and paying his IT
returns of 10th December 2020. The loss of income resulting from the closures in 2020 meant that he was unable
to pay his liabilities. John paid 100% of his 2018 Income Tax liability in preliminary tax, however 2019 was a good
year and so his balancing payment was quite large. John’s income for 2020 was about 60% of his 2019 income.
John was required to declare that his income in 2020 was 25% less than the income earned in 2019, when
submitting his 2019 Income Tax return and 2020 preliminary tax declaration. As John met his preliminary tax
requirements for 2019, he was entitled to warehouse the balance of his 2019 Income Tax return and his
preliminary tax due for 2020.
Income Tax warehouse periods as of 10 December 2020
• IT Period 1: Initial warehouse period will end on the filing date 10/12/2020
• IT Period 2: 11/12/2020 to 10/12/2021 0% interest
• IT Period 3: 11/12/2021 until warehoused debt is fully paid 3%.
28INCOME TAX DEBT WAREHOUSING
Example – Income Tax Warehousing - 2019 liability under-estimated
When Angela completed her 2019 Income Tax return, she realised she had underestimated her liability for the
year, and so had underpaid her 2019 preliminary tax in October 2019. Business has been badly affected by the
restrictions in 2020, and costs increased significantly in trying to keep the business ‘COVID-19 compliant’. As a
result, Angela found her income was over 25% down on 2019. Angela submits paper-based tax returns as she is
not an e-enabled customer.
When making her Income Tax 2019 return and preliminary tax declaration for 2020, Angela declared that her
2020 income reduced by more than 25% on 2019 income. As Angela did not meet her Preliminary tax
requirements for 2019, she was unable to warehouse her outstanding balance on the 2019 Income Tax return.
However, her preliminary tax for 2020 can be warehoused. As Angela submits paper-based returns, the relevant
dates for warehousing of her Income Tax liabilities are:
• IT Period 1: Initial warehouse period will end on the filing date - 31/10/2020
• IT Period 2: 01/11/2020 to 31/10/2021 0% interest
• IT Period 3: 01/11/2021 until warehoused debt is fully paid 3%.
29TWSS DEBT WAREHOUSING
• Warehousing of excess TWSS payments received by employers.
• Businesses will be notified of any outstanding TWSS liabilities due to overpayments by way of a
Statement of Account (Employer) which will be sent to their ROS inbox.
• Warehousing of the TWSS liabilities will mirror the VAT and PAYE (Employer) warehousing periods.
• SME’s dealt with in Revenue’s Personal Division/Business Division automatically qualify for debt
warehousing. LCD and MED clients have to apply to Revenue for the warehousing.
• Tax clearance not affected by warehoused debt.
30UPDATE JANUARY 2021
• Revenue have confirmed that the Debt Warehousing Scheme remains available to
support businesses experiencing tax payment difficulties arising from the current Level
5 Restrictions (13 January 2021).
31KEY POINTS:
• Continue to file all Tax Returns in a timely manner.
• At the end of Period 2, the taxpayer needs to engage with Revenue and agree a Phased
Payment Arrangement.
• Engagement with Revenue is key – if a taxpayer cannot meet their current tax
liabilities, warehoused debts could be removed from the scheme where the taxpayer
does not engage with Revenue.
32NOTES
• The above slides are based on current Irish tax law and Revenue Guidance (as at
January 2021) and our interpretation of same.
• These slides have been written in general terms and therefore should not be construed
as tax advice.
• We are happy to advise any RAI members that require professional support in engaging
with Revenue regarding debt warehousing or phased payment arrangements.
• Warren & Partners accept no duty of care or liability for any loss occasioned by any
person acting or refraining from acting as a result of any material in these slides.
33CASHFLOW MANAGEMENT
Critical to have a clear understanding of essential cash requirements over
minimum 3-6 month time horizon
When availing of debt warehousing essential to plan ahead on funding of the
repayment
Cashflow management principals:
- Accurate management information
- Establish who needs to be paid and when
- Determine critical cash pinch points
34MANAGEMENT OF PAYMENTS TO REVENUE
Making payments on account to Revenue - check which
liabilities being allocated against regular review of ROS inbox to
ensure all correspondence is captured
Mindful of interest charges on pre COVID-19 Revenue liabilities
10% vs 3%
Part payment against Warehoused amounts – consider
allocating to PAYE in first instance
Ongoing regular engagement with Revenue is essential
35CASHFLOW PROJECTIONS PREPARATION
Prepare updated rolling cashflows – recovery timelines and
assumptions are constantly changing
Implications when the government supports reduce down or
fall away
Assess funding options
- Avail of lender moratoriums
- Negotiate phased payment arrangements
- Is new debt required to assist working capital
Always remember - “CASH IS KING”
36WHAT’S HAPPENING ON THE GROUND
SBCI loans to assist in stabilizing and rebuilding
Bank’s view on sector
Repayment of Warehoused debt in projections for
business management & for lending applications
Transparency with stakeholders is key
37If you have any queries on this presentation or wish to seek commercial advice please feel
free to contact:
ANNE O’DWYER OLGA MILLER
Managing Director Director
Global Restructuring and Debt Advisory, Duff & Phelps Tax, Warren & Partners
T: +353 (0) 1 472 0700 T: +353 (0) 6607 333
E: anne.odwyer@duffandphelps.com E: olgamiller@warrenp.ie
ANTHONY O’CALLAGHAN
Senior Manager
Tax, Warren & Partners
T: +353 (0) 663 1619
E: anthonyocallaghan@warrenp.ie
ABOUT DUFF & PHELPS
Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas of valuation, corporate finance, disputes and investigations, cyber security, claims administration and regulatory issues. We work with clients across diverse sectors on matters of good governance and transparency. With Kroll, the
leading global provider of risk solutions, and Prime Clerk, the leader in complex business services and claims administration, our firm has nearly 4,000 professionals in 25 countries around the world. For more information, visit www.duffandphelps.com.
M&A advisory, capital raising and secondary market advisory services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory and capital raising services in Canada are provided by Duff & Phelps Securities Canada Ltd., a
registered Exempt Market Dealer. M&A advisory, capital raising and secondary market advisory services in the United Kingdom and across Europe are provided by Duff & Phelps Securities Ltd. (DPSL), which is authorized and regulated by the Financial Conduct Authority. In Germany M&A advisory and capital raising services are also
provided by Duff & Phelps GmbH, which is a Tied Agent of DPSL. Valuation Advisory Services in India are provided by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the Securities and Exchange Board of India.Q&A
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