Ireland to Reduce Frequency of Tax Returns & Payments for Certain Businesses (Sunnyvale, CA) - 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. 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.
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