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No Change To Irish Pay And File Deadlines

by Jason Gorringe,, London

26 November 2013

Finance Minister Michael Noonan has decided not to introduce any changes to Ireland's pay and file regime for 2014.

Noonan had intended to bring the dates forward, in order to provide increased certainty around the annual tax take and forecasting process. He also hoped this would facilitate a permanent move in the Budget date to earlier in the year, after having delivered his 2014 Budget in October. His previous Budgets have, by contrast, been announced in December.

In 2012, the cumulative tax yield to the end of November stood at EUR33.8bn (USD45.4bn). This represented 92 percent of the full year outturn of EUR36.6bn. On the other hand, the cumulative yield to end-September was just EUR26.1bn, or 71.3 percent of the eventual outturn.

Noonan consulted on a range of options for new dates. It was proposed that the income tax pay and file date could be moved to either end-June or end-September. As a result, the capital gains tax (CGT) system would have required altering, as CGT returns are made as part of the income tax return.

According to a statement released by the Finance Department, Noonan has now decided to hold off on the plans for 2014. He will, nevertheless, pursue similar reforms of 2015.

The news has been welcomed by Chartered Accountants Ireland. Brian Keegan, Director of Taxation, said: "The disruption which would have been caused to Irish indigenous business in the SME sector by bringing forward tax payment deadlines would have been very serious. Chartered Accountants Ireland, along with the other professional accounting bodies had robustly argued against earlier tax payment dates, pointing out the cash flow implications for small businesses.

"The Minister's statement is also positive in that it proves that the consultation he announced in early October was serious in its intent, and its outcome has reflected the views of Irish business. This augurs well for the formation of future policy changes affecting taxpayers."

Keegan added that "Chartered Accountants Ireland will continue to consult with Government to ensure that any future changes to be made are kept to the minimum necessary, and with appropriate preparation and lead in times for the taxpayers involved."

TAGS: capital gains tax (CGT) | Finance | Budgets | tax | small business | business | Ireland | accounting | Tax

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