The main purpose of this material is to give a general update of the more important Irish tax filing and payment deadlines under the Irish self-assessment tax system.
Irish tax resident companies are required to file its Corporation Tax (“CT”) return via Revenue’s Online Service (“ROS”). The CT return and balancing tax payment are generally due by the ninth month after the accounting period (“AP”) end but no later than the 23rd day of that month.
Preliminary Corporation Tax
Preliminary Corporation Tax (“PCT”) for “large companies”, i.e. where a company’s previous period’s tax liability is greater than €200,000 or where a new company’s tax liability for the first year exceeds €200,000, is payable in two instalments –
- The 23rd day of the sixth month of the AP and must be either 50% of the liability for the preceding period or 45% of the liability for the current AP.
- The 23rd day of the second last month of the AP and must bring the total PCT paid up to 90% of the liability for the current AP.
For a small company, i.e. a company with a tax liability of less than €200,000 in the previous AP, PCT is payable by the 23rd day of the second last month of the AP. A small company may pay 100% of its CT liability for the preceding AP as PCT.
Financial Statements in iXBRL
The Revenue Commissioners have started to implement a project involving the submission in a common software format (know as iXBRL, standing for “inline eXtensible Business Reporting Language”) of financial statements at the time of filing company tax returns on ROS.
- Phase 1 commenced on 1 October 2013 for customers of Revenue’s Large Cases division.
- Phase 2 commenced on 1 October 2014 for companies with accounting periods ending on or after 31 December 2013. In order to be excluded from phase 2 a company must meet all three of the following criteria:
- The balance sheet value of the company, (i.e. aggregate of assets without deduction of liabilities) does not exceed €4.4 million;
- The amount of turnover of the company does not exceed €8.8 million; and
- The average number of persons employed by the company does not exceed 50
- It is anticipated that Phase 3 will commence in 2017 and it is intended that all remaining Corporation Tax Payers will be included in this phase.
Where Irish companies are required to file their financial statements in iXBRL format the financial statements may be uploaded either before or at the same time as the filing of the tax return. The Irish Revenue Commissioners have recently announced a concessional three month extension until further notice in respect of all iXBRL returns received for accounting periods ending on 1 December 2015 or later.
Dividend Withholding Tax
Dividend Withholding Tax (“DWT”) returns in respect of all profit distributions, including where an exemption from DWT applies are due within 14 days of the end of the month in which the distribution was made.
A self-assessed Stamp Duty (“SD”) return must be filed within 30 days of execution of the instrument of transfer.
VAT & VIES
In most cases VAT and VIES returns are due on the 23rd day of the month following the period for which the return relates.
Irish tax law provides that remuneration paid by companies (e.g. directors’ fees) is chargeable to payroll taxes in Ireland.
A PAYE (P30) return must be filed by the 23rd day of the month following the period in which the return relates. The P30 returns are normally filed on quarterly basis.
Please note that this commentary does not purport to represent a comprehensive commentary on Irish tax deadlines. Detailed appropriate advice should be taken before any particular transaction is entered into, or a decision is made to refrain from acting.