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Revenue Ireland’s Corporation Tax

This blog is a follow-up to our main article on Revenue Ireland’s iXBRL Project, which provided details of requirements mandated for iXBRL program. In this article we try to give you details regarding the rollout plan for filing of iXBRL Financial Statements, as proposed by Revenue Ireland. The said plan is currently being rolled out in 3 different Phases described as under: Phase 1: Phase 1 is applicable to corporate taxpayers and income tax payers coming under the ambit of Revenue’s Large Cases Division (LCD) who have to mandatorily file their iXBRL financial statements. Large Cases Division refers to:

  • companies with:

–        turnover more than €162m; or – tax payments greater than €16m per annum

  • and individuals with:

–        net assets greater than €50m (family members with lower incomes may also be included); or –        non-residents with substantial economic interests in Ireland Corporate tax returns/tax returns along with iXBRL financial statements are to be filed for returns filed on or after 1st October, 2013. The accounting period considered are all accounting periods ending on or after 31st December, 2012. Phase 2: Phase 2 is applicable to all corporate taxpayers who will have to mandatorily file their iXBRL financial statements except a company that satisfies all of the following three requirements: i.            the balance sheet value of the company does not exceed €4.4m ii.            the turnover of the company does not exceed €8.8m iii.            the average number of persons employed by the company does not exceed 50 Corporate tax returns along with iXBRL financial statements are to be provided for returns filed on or after 1st October, 2014 and for all accounting periods ending on or after 31st December, 2013. Phase 3: Phase 3 will bring all remaining Corporation taxpayers under the iXBRL reporting regime. We will provide more updates on this area soon. Companies that are not yet subject to mandatory iXBRL filing may – and, in fact, are encouraged by Revenue Ireland to – still do so on an optional basis. It is advisable to use the optional filing period and the test filing facilities to prepare for mandatory filing. Options to generate iXBRL files: As tax filers, you can choose from one of the following options according to your need:

  1. If your accounting or Accounts Production software has the iXBRL component, you can generate iXBRL output. You would normally need a subscription for the iXBRL component and would also be required to spend some additional time (with XBRL expertise) to tag and generate iXBRL output for the financial statements
  2. Buy an iXBRL tagging software: This would also require subscribing to an iXBRL software and spending time to tag and generate iXBRL output
  3. Choose a Managed Tagging Service (MTS) provider. Under this traditional option, you need to upload your financial statements, pay the price for service and receive tagged output, which is ready to be filed with Revenue Ireland.

  DataTracks UK is part of DataTracks Services Limited, leaders worldwide in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland and MCA in India. To find out more about DataTracks, visit www.datatracks.ie or send an email to enquiry@datatracks.ie The views expressed are that of the author’s and DataTracks is not responsible for the contents or views expressed therein. If any part of this blog is incorrect, inappropriate or violates the IP rights of any person or organization, please alert us at ceo@datatracks.com. We will take immediate action to correct any violation.