Ireland to Reduce Frequency of Tax Returns & Payments for Certain Businesses
With effect from January 1, 2012, certain businesses in Ireland will enjoy a reduction in the frequency with which they file their tax returns and pay taxes.
- (1888PressRelease) December 29, 2011 - Sunnyvale, CA - Taxes may be paid and VAT returns may be filed every six months by businesses making total annual VAT payments of less than EUR 3,000. Businesses making total annual VAT payments between EUR 3,000 and EUR 14,400 can do so every four months. Business organizations with total annual PAYE (Pay As You Earn)/Pay-Related Social Insurance (PRSI) payments of up to EUR 28,800 will be allowed to make payments every 3 months.
The EUR 28,800 cap also applies to Relevant Contracts Tax (RCT). Businesses with total annual RCT payments of up to EUR 28,800 may file RCT returns and make payments on a quarterly basis.
The Revenue will make the new procedures available to eligible businesses and confirm if the relaxed rules apply to them with effect from January, 1, 2012.
With the exception of PAYE/PRSI payers, the Revenue will also notify the tax agent or practitioner of eligible businesses.
Revenue Online System (ROS) Registration
Starting January 1 2012, all RCT compliance, filing and payments will be processed online using the Revenue Online System (ROS). Principal contractors need to make sure they are registered to use the ROS facility. Subcontractors also have to register for ROS to access details regarding their RCT transactions.
Please call or email if you need more details.
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, internal audit compliance, HR and legal department for your international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with minimal risk, stress and cost. We currently support more than 1000+ client operations in over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com
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