Post on 16-Dec-2015
transcript
Film Withholding Tax
Ken FlemingFWT Unit
25 November 2014
Todays Presentation
• Legislation and Regulations• Who?• What?• How?• When?• Expenses Claims• FWT Unit
Legislation and Regulation
Film Withholding Tax (FWT) introduced by section 25 Finance (No. 2) Bill 2013
Included as sections 529B – 529M TCARegulations, regarding details to be
included on tax returns and expenses claims, currently with the AGs
FWT is subject to Ministerial commencement order
Will commence at same time as the new section 481 credit.
Who?
• Tax operated by the Qualifying Company
• Artistes resident outside the EU/EEA Actors, voice over artistes Artiste does not include, directors,
producers, cameramen etc.
• Payments for artistic services
• Specified Person
What?
All payments for artistic services Whether made directly or indirectly.
Withholding Tax at the rate of 20%
Does not include payments subject to PAYE or legitimate expenses.
Ireland/USA Tax Treaty - $20,000
How? - Certificates of Deduction
Obtain required details from the specified person
On making a payment deduct withholding tax
Issue a certificate of deduction to the specified person Secure Form Available from FWT unit Keep part 2 for your records
How? - Tax Return to Revenue
Monthly Return•Available on request from the FWT unit•Preformatted excel spreadsheet•Details of the company, the payment and the payee•Secure upload through the Revenue Online Service (ROS)•Transferred to the FWT Unit
How? - Payments
Monthly Payment
Transferred to Revenue by Electronic Fund Transfer
Bank Account information will be made available.
When - Important Dates • Withholding Tax expected to start 1 Jan 2015
• Does not apply to existing productions
• Only applies to companies who will be approved for the new film tax credit
• Returns and Payments due by the 23rd of the month which follows the month in which a payment was made (payment made in Feb 2015 so return and payment due on 23rd March 2015)
Expenses Claims • Claim can be made prepayment or post
payment on a designated claim form
• Pre-payment Revenue will determine the claim and advise
the company to reduce the amount of the payment which is to be taxed by the amount of the allowable expenses
• Post payment Revenue will determine the claim and make a
repayment to the specified person
FWT unit
• Detailed information to be posted on Revenue website.
• Contactable at fwtunit@revenue.ie Requests for forms Provide help and assistance Update website information with common
issues and FAQs
• Will monitor compliance and process expenses claims.
Thank You