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Irish Revenue Commissioners Mandatory XBRL Filing update

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Revenue Commissioners Ireland outline their roadmap towards mandatory filing of financial statements in XBRL

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Irish Revenue Commissioners Mandatory XBRL Filing update

  1. 1. Mandatory Tax Filing in XBRL What’s happening here? Seán Leake Revenue
  2. 2.  eFiling has been mandatory since 1 January 2009 for businesses filing with Large Cases Division  Draft Statement of Strategy 2011-2013 - key objective is establishment of electronic channels as norm for doing business with Revenue  Plan to extend mandatory eFiling Mandatory eFiling
  3. 3. Electronic Returns 2009 v 2008 2009 2008 Increase VAT 3 526,774 501,037 5% Employers' Monthly PAYE Returns P30 494,559 499,587 -1% Employers' Annual PAYE Returns P35 143,080 128,896 11% Cessation Certificate - Form P45 441,349 515,198 -14% Income Tax Returns - Form 11 382,135 367,258 4% Corporation Tax Returns - Form CT1 117,801 107,234 10% Vehicle Registration Tax (VRT) Registrations 62,493 181,538 -66% Relevant Contracts Tax - Monthly C30 201,265 192,752 4% Relevant Contracts Tax - Annual C35 19,103 16,252 18% Customs Declarations 781279 953922 -0.181 Total No of all ROS Returns 3,169,838 3,463,674 -8%
  4. 4. Mandatory Filing From 1 May Next  All companies  All partnerships  All trusts  Individuals subject to the high earners’ restriction  Individual employers with more than 10 employees on the P35 for 2010
  5. 5. From 1 May Next (cont.)  Individuals benefiting from or acquiring foreign life policies, offshore funds or other offshore products  Individuals claiming property based incentives and industrial based incentives  Submission of Form 46G – return of payments to third parties
  6. 6. Mandatory Filing From 1 January 2012  All businesses registered for VAT  Individuals claiming one or more specified reliefs or allowances
  7. 7. Mandatory Filing From 1 January 2013  All individuals (non VAT registered) whose annual turnover or gross receipts exceed – €75,000 if selling goods, or – €37,500 if providing services or receiving rental income.
  8. 8. Extract From Financial Statements Income  Sales / Receipts / Turnover  Receipts from Govt Agencies  Other Income Trading Account Items  Purchases  Gross Trading Profits Expenses and Deductions  Salaries / Wages, Staff costs  Directors’ remuneration  Sub-contractors  Consultancy, Professional fees  Motor, Travel and Subsistence  Repairs / Renewals  Interest Payable  Depreciation, Goodwill / Capital Write-off  Provisions including Bad Debts  Other expenses (Total) Balance Sheet, Capital and Reserves  Balance of Directors’ current and loan accounts  Stock, Work in Progress, Finished goods  Debtors and Prepayments  Cash on hand / Bank - Debit  Bank / Loans / Overdraft - Credit  Creditors and Accruals  Tax Creditors  Shareholders’ Funds
  9. 9. Explanatory Notes ? ? ? ? ? ? ? ? Wages Sales Repairs Bank
  10. 10. National Agenda  Public service is going to have to work smarter with a lot less  Better regulation: need for more easily accessible real-time data  Provision of similar information to different government agencies  Filing with USC, HMRC and others  Continue to market Ireland as an attractive place to do business  Make it as easy as possible for business to comply with the regulatory burden.
  11. 11. Where Are We Now?  Financial statements and computations electronically with the ROS return on a voluntary basis from the end of next year  Targeted at existing mandatory eFilers with our Large Cases Division  Objective is to link mandatory submission of financial statements in XBRL with the final January 2013 mandatory eFiling date  Irish GAAP taxonomy in XBRL  Working closely with CRO and CSO
  12. 12. Contact Details  Seán Leake – Income and Capital Taxes Division  sleake@revenue.ie  Kevin Mulkerrins – Planning Division  kmulkerr@revenue.ie  Martin Roche – Large Cases Division  mtnroche@revenue.ie

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