Mandatory Tax Filing in XBRLWhat’s happening here?

Seán LeakeRevenue

eFiling has been mandatory since 1 January 2009 for businesses filing with Large Cases Division

Draft Statement of Strategy 2011-2013 - key objective is establishment of electronic channels as norm for doing business with Revenue

Plan to extend mandatory eFiling

Mandatory eFiling

Electronic Returns 2009 v 20082009 2008 Increase

VAT 3 526,774 501,037 5%Employers' Monthly PAYE Returns P30 494,559 499,587 -1%Employers' Annual PAYE Returns P35 143,080 128,896 11%Cessation Certificate - Form P45 441,349 515,198 -14%Income Tax Returns - Form 11 382,135 367,258 4%Corporation Tax Returns - Form CT1 117,801 107,234 10%Vehicle Registration Tax (VRT) Registrations 62,493 181,538 -66%Relevant Contracts Tax - Monthly C30 201,265 192,752 4%Relevant Contracts Tax - Annual C35 19,103 16,252 18%Customs Declarations 781279 953922 -0.181Total No of all ROS Returns 3,169,838 3,463,674 -8%

Mandatory Filing From 1 May Next

All companies All partnerships All trusts Individuals subject to the high earners’

restriction Individual employers with more than 10

employees on the P35 for 2010

From 1 May Next (cont.)

Individuals benefiting from or acquiring foreign life policies, offshore funds or other offshore products

Individuals claiming property based incentives and industrial based incentives

Submission of Form 46G – return of payments to third parties

Mandatory Filing From 1 January 2012

All businesses registered for VAT Individuals claiming one or more  specified

reliefs or allowances

Mandatory Filing From 1 January 2013

All individuals (non VAT registered) whose annual turnover or gross receipts exceed – €75,000 if selling goods, or – €37,500 if providing services or receiving

rental income.

Extract From Financial Statements

Income Sales / Receipts / Turnover Receipts from Govt Agencies Other IncomeTrading Account Items Purchases Gross Trading ProfitsExpenses and Deductions Salaries / Wages, Staff costs Directors’ remuneration Sub-contractors Consultancy, Professional fees Motor, Travel and Subsistence Repairs / Renewals Interest Payable

Depreciation, Goodwill / Capital Write-off Provisions including Bad Debts Other expenses (Total)Balance Sheet, Capital and Reserves Balance of Directors’ current and loan accounts Stock, Work in Progress, Finished goods Debtors and Prepayments Cash on hand / Bank - Debit Bank / Loans / Overdraft - Credit Creditors and Accruals Tax Creditors Shareholders’ Funds

Explanatory Notes

?

?

??

?

?

?

?

Wages

SalesRepairs

Bank

National Agenda

Public service is going to have to work smarter with a lot less

Better regulation: need for more easily accessible real-time data

Provision of similar information to different government agencies

Filing with USC, HMRC and others Continue to market Ireland as an attractive place

to do business Make it as easy as possible for business to comply

with the regulatory burden.

Where Are We Now?

Financial statements and computations electronically with the ROS return on a voluntary basis from the end of next year

Targeted at existing mandatory eFilers with our Large Cases Division

Objective is to link mandatory submission of financial statements in XBRL with the final January 2013 mandatory eFiling date

Irish GAAP taxonomy in XBRL Working closely with CRO and CSO

Contact Details

Seán Leake – Income and Capital Taxes Division sleake@revenue.ie

Kevin Mulkerrins – Planning Division kmulkerr@revenue.ie

Martin Roche – Large Cases Division mtnroche@revenue.ie