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Revenue Commissioner Reduces Administrative Costs
The Irish Revenue (IR) have recently issued a report showing how changes to some of the tax reporting requirements have resulted in a 25% reduction in the administrative burden on businesses operating in Ireland. This equates to a saving of over EUR85 million per annum. Taxand Ireland discusses this development and highlights how businesses in Ireland will benefit.
A survey of businesses and agents, carried out by the IR, resulted in the identification of the most time consuming reporting obligations. In an effort to ease the burden of these obligations, the Irish Revenue introduced the following initiatives:
- Pre-populated income tax and corporation tax forms
- Reduced filing frequencies for VAT, Employers' PAYE/PRSI and Relevant Contracts Tax
- Increase of the VAT registration threshold
- A new electronic Relevant Contracts Tax system
- Continuous improvement to the variety of electronic services available via the Revenue Online Service (ROS)
Furthermore, the IR is to carry out a review of complex legislation and regulations with the aim of consolidating this legislation to make the information more readily accessible and easier to interpret. This will include a review of the law relating to customs legislation including stamp duty, VAT and capital acquisitions tax.
According to the annual index 'Doing Business 2012', published by the World Bank Group, Ireland continues to be included in the top ten easiest countries in the world to do business in, and is currently ranked in the top five within Europe.
It is of the highest importance to have tax and customs systems that are easy to understand and comply with, in order to encourage voluntary compliance amongst businesses. The Irish Revenue's response to the needs of taxpayers has benefited Ireland's economy generally and should enhance inward investment.
Your Taxand contact for further queries is:
T. +353 1 639 5214