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Around 85% of the 1.65 billion euros ($1.77 billion) of Irish business taxes deferred during the COVID-19 pandemic had either been repaid or scheduled for future repayment by a deadline this week to avail of cheaper repayment terms, officials said on Thursday. There were fears that the May 1 deadline could lead to a spike in business failures after 55,500 firms or individual taxpayers - 5,000 of whom owed 50,000 euros or more - had not put a repayment plan in place by the middle of April. However Ireland's Office of the Revenue Commissioners reported a surge in applications over the last week and said on Thursday that firms could still avail of a 0% interest rate and flexible payment options if they engaged immediately.