Will Revenue of Ireland extend your iXBRL filing deadline?
Companies registered for Corporation Tax must file the CT1 Corporation Tax return form on an annual basis. Companies are also required to file their financial statements in iXBRL format through Revenue’s Online Services (ROS).
The CT1 form and any balance payments must be made within the 21st day of the ninth month after the end of the financial period. If paying via ROS, filers get an extension till the 23rd day of the ninth month after the end of the financial period. Currently, Revenue accepts iXBRL financial statements before, at the same time, or after submission of the CT1 form. The iXBRL can be submitted at the latest within 21 days of the CT1 online filing deadline. Any late filing attracts penalties.
Following representation from the Chartered Accountants Ireland (CAI), Revenue extended the deadline of several tax payers last year from 14 Oct 2015 to 31 Oct 2015 (Revenue eBrief No. 94/15, 24-Sep-2015)
The CAI has now made a representation to the Revenue requesting extension of iXBRL filing deadline by 3 months from the CT1 submission deadline in respect of accounting periods ending on 1 December 2015 or later. CAI has confirmed on several occasions over the last two months that Revenue has accepted their proposal. However, until an e-brief is issued by Revenue in this regard, tax payers will have to continue following the 21 day deadline for iXBRL filing. It is to be noted that this extension will have no bearing on the CT1 filing deadlines.
|Financial year end||31-Dec||–|
|Deadline for CT1 and balance tax payment using ROS||23-Sep||–|
|Deadline for iXBRL financial statements||14-Oct||23-Dec|
About DataTracks: DTracks Limited is a subsidiary of DataTracks Services Limited. With more than 10 years track record, DataTracks is a global leader 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, ACRA in Singapore and MCA in India.
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 email@example.com. We will take immediate action to correct any violation.
To find out more about DataTracks, visit www.datatracks.co.uk or send an email to firstname.lastname@example.org .