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| Ireland Eases Tax Filing Requirements |
by Jason Gorringe, Tax-News.com, London
Wednesday, November 09, 2011
The Irish Revenue is to offer reductions in the frequency of certain tax returns
and payments for smaller eligible businesses from January next year.
The offer will apply to newly eligible value added tax (VAT), pay as you
earn (PAYE)/pay related social insurance (PRSI), and relevant contracts tax
(RCT) customers from January 1, 2012.
The reductions will be as follows:
- Businesses making total annual VAT payments of less than EUR3,000 (USD4,106)
will be eligible to file VAT returns and make their payments on a 6 monthly
basis;
- Businesses making total annual VAT payments of between EUR3,000 and EUR14,400
will be eligible to file VAT returns and make their payments on a 4 monthly
basis;
- Businesses making total annual PAYE/PRSI payments of up to EUR28,800 will
be eligible to make their payments on a 3 monthly basis, and
- Businesses making total annual RCT payments of up to EUR28,800 will be eligible
to file RCT returns and make payments on a 3 monthly basis.
The Revenue argues that the benefits for qualifying businesses are two-fold:
they will see improved cashflow by only having to make payments at the end of
each 3, 4 or 6 monthly period, and will have reduced administration costs through
the less frequent filing of tax returns.
The Revenue will shortly write to each eligible business confirming that reduced
frequency of tax returns and tax payments will apply from January 1, 2012. The Revenue will offer
this facility for reduced filing and payment frequencies to eligible businesses without
any action being required by the businesses concerned.
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