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Concerns over change in pay-and-file tax deadline

There are proposals to bring the pay-and-file date forward to as early as June next year so the Department of Finance has all the data needed ahead of the October Budget.

Image: household budget via Shutterstock

OFFICIALS FROM THE Irish Taxation Institute will address TDs and senators on the Oireachtas Finance Committee today to outline their concerns over plans to move the tax deadline for the self-employed to an earlier date.

With Budgets now taking place in October rather than December, the Department of Finance has proposed moving the pay-and-file deadline to either the end of June or mid-September – so officials have all the data needed to put the Budget together on time.

The ITA – which represents the country’s Chartered Tax Advisors – says it’s received an “enormous response” from its 5,000-strong membership regarding the planned change.

One in seven of the Institute’s members said their clients would have problems providing “information of appropriate quality” in time for a June tax filing date.

68 per cent of members said there would still be problems if the date was moved to September, because of the clash with the Corporation Tax filing date.

The ITA’s Chief Executive Mark Redmond, who is set present the body’s submission to the Oireachtas panel today, will also make the point that taxes paid under the pay and file deadline make up only a small percentage of the overall tax yield.

According to the submission document: “Time pressures arising from an advanced Pay & File date will undoubtedly result in increased inaccuracies in tax returns filed.

“This will lead to revisions being required after the filing date, creating administrative cost for taxpayers and Revenue and compromising the certainty of the Exchequer returns.”

Labour TD Ciarán Lynch will chair this afternoon’s session, which gets under way in Oireachtas Committee Room 4 at 3pm.

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