Overview of recent Irish legislation updates to help you ensure regulatory compliance

    Revenue has announced a number of updates recently. For your convenience, and to help you with regulatory compliance, we’ve compiled the updates below.

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    Exemption in respect of certain expense payments for resident relevant directors

    Tax and Duty Manual Part 07-01-39 (PDF, 434KB) is a new instruction which outlines the terms of the exemption provided for in Section 195D of the Taxes Consolidation Act 1997 with regard to certain expense payments incurred by or on behalf of Irish resident non-executive directors.

    MyEnquiries enhancements

    Revenue eBrief No. 56/15 announced the introduction of the secure online MyEnquiries facility. Following review and agreement at TALC Collection, the MyEnquiries facility has been enhanced. The Tax and Duty Manual Part 37-00-36 has been updated accordingly as follows.

    • Tooltips provide information regarding the category selected by the customer in the "My Enquiry relates to" field (para 8).
    • Facility for customers to archive their enquiries (paras 8.2 and 14.8).
    • The format of the pdf document used by customers to record the interactions relating to a particular enquiry has been improved (para 8.10).
    • Some minor sections of the manual have been moved to the Appendices.
    • Enhanced navigation has been provided on the customer's Inbox screen (para 5.5).
    • Customer's reference is included in emails notifying them of new correspondence (para 8.8).
    • Confirmation screens appear on submission of an enquiry or interaction (para 8.7).

    Incapacitated Child Tax Credit

    Tax and Duty Manual Part 15-01-05 (PDF, 436KB) has been amended to clarify the position in relation to the criteria to be met in order to avail of the Incapacitated Child Tax Credit.

    Offshore funds regime

    Since 1990, interests in offshore companies, offshore unit trusts and offshore co-ownerships (known as "offshore funds") have been subject to a specific tax regime. The tax treatment on income from these offshore funds, or gains on the disposal of an interest in these offshore funds, depends on a number of factors.

    Revenue have updated two Tax and Duty Manuals to provide greater clarity on the operation of the offshore funds regime.

    • Tax and Duty Manual Part 27-02-01 (PDF, 628KB) provides details on the regime as a whole, and includes a number of decision trees to determine whether or not an offshore investment is subject to the offshore funds regime.
    • Tax and Duty Manual Part 27-04-01 (PDF, 520KB) looks specifically at offshore funds located in the EU, the EEA or OECD member states with whom we have a double tax agreement.

    ROS - Extension of Pay & File Deadline for ROS Customers for 2017

    Today, 25 April 2017, Revenue announced an extension to the ROS return filing and tax payment date for certain self-assessment Income Tax customers and for customers liable to Capital Acquisitions Tax (CAT).

    For customers who file the 2016 Form 11 return and make the appropriate payment through ROS for:

    • Preliminary Tax for 2017,
    • Income Tax balance due for 2016,

    the due date is extended to Tuesday, 14th November 2017.

    For beneficiaries who received gifts or inheritances with valuation dates in the year ended 31st August 2017 who make a CAT return and the appropriate payment through ROS, the due date is also extended to Tuesday, 14th November 2017.

    To qualify for the extension, customers must both pay and file through ROS. Where only one of these actions is completed through ROS, the extension does not apply and the required date to submit both returns and payments is no later than 31st October 2017.

    Additionally, for PAYE customers who are required by Revenue to file a Form 12 for 2016 and who opt to use the ‘e’ version, the due date is also extended to Tuesday, 14th November 2017.

    Corporation Tax (CT1) Returns for 2016 and 2017, Forms 46G (Company)

    Release of Form CT1 for accounting periods ending in 2017

    The Corporation Tax Return for accounting periods ending in 2017 is available since April 3rd, for filing through ROS online and ROS offline.

    Tax and Duty Manual Part 38-02-12 (PDF, 473KB) has been updated to include reference to the main changes to the 2017 CT1 return.

    Release of revised Form CT1 for accounting periods ending in 2016

    A revised version of the Corporation Tax Return for accounting periods ending in 2016 is available since April 3rd.

    Tax and Duty Manual Part 38-02-12 (PDF, 473KB) has also been updated to include reference to the main changes to the 2016 CT1 return.

    Form 46G (Company) for accounting periods ending in 2017 and 46G Spreadsheet

    The ROS online and ROS offline Form 46G (Company) for 2017 is available since April 3rd.

    An updated version of the 46G Return Tool (XLS, 707KB) (spreadsheet) is now available directly from www.revenue.ie. This will cater for accounting periods ending in 2017 and for the 2016 year of assessment.

    ROS Registration changes

    From June, the ROS registration process will be updated; which will include security questions as a means of authenticating ROS users. This is in line with current standard security best practice. Introducing security questions will streamline and speed up the process for retrieving lost and expired ROS certificates and forgotten passwords.

    There will be ongoing communication updates on these changes available on www.revenue.ie (on the ROS login page).

    VAT treatment of education and vocational training

    VAT Tax and Duty Manual Part 05-59 (PDF, 678KB) has been updated to set out the VAT treatment applicable to education and vocational training and retraining services.

    (Source: revenue.ie)

    PaycheckPlus Regulatory Compliance

    Here at PaycheckPlus we understand that keeping up to date with the ongoing regulation changes can be difficult for businesses. Ensuring that your business is payroll compliant can be time consuming but it’s a necessary task to avoid the significant penalties. By providing managed payroll services to our clients we give them peace of mind that they’re payroll compliant while giving them the freedom to focus more on their profit making activities.

    To ensure payroll compliance and for expert support contact PaycheckPlus now.

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