By David Fennell, Tax Director, Ernst & Young

General

14th October 2006

A new simplified payment arrangement for employers PAYE/PRSI was introduced on 1st April 2006 for employers whose total PAYE/PRSI payments for the year is €30,000 or less. Under these new arrangements, a quarterly return, must be made by employers for the tax period July to September 2006 by 14th October 2006.

31st October 2006

Financial institutions and other agents who act for or assist Irish residents in opening foreign bank accounts must make an appropriate return (form 8B-A) to the Inspector of Taxes by 31st October 2005. Forms 8D (services in relation to investments in offshore funds) must also be made by 31st October 2006.

31st October 2006

During 2006 and 2007, a form SSIA4 will be required to be completed, signed and sent by each SSIA holder to their financial institution. SSIAs that commenced in October 2001 will mature on 31st October 2006. The latest date on which forms SSIA4 can be returned to financial institutions for such accounts is technically 31st October 2006.

30th November 2006

The latest date on which forms SSIA4 can be returned to financial institutions for SSIA accounts opened in November 2001 is technically 30th November 2006.

1st November 2006

Each local authority is obliged to make a return to the Revenue Commissioners which contains the amount of service charges paid, the year the payment relates to an the PPS number and other details of the individuals who make payments. The return is to be made on or before 1st November each year.

Relevant dates for companies

14th October 2006

Dividend withholding tax return filing and payment date (for distributions made in September 2006).

21st October 2006

Due date for payment of preliminary tax for companies with a financial year ended 30th November 2006.

21st October 2006

Last date for filing corporation tax return CT1 for companies with a financial year ending on 31st January 2006 with the Collector General’s Office.

Due date for balancing payment for the same period.

31st October 2006

Last date for filing third party payments return 46G for companies with a financial year ending on 31st January 2006.

31st October 2006

Latest date for payment of dividends for the period ended 30th April 2005 to avoid Sections 440 and 441 TCA97 surcharges on investment/rental/professional services income arising in that period (close companies only).

14th November 2006

Dividend withholding tax return filing and payment date (for distributions made in October 2006).

21st November 2006

Due date for payment of preliminary tax for companies with a financial year ended 31st December 2006.

Corporation tax payable by such companies on chargeable gains arising after 21st November 2006 may be deferred until 31st January 2007. Similarly for such companies adopting relevant accounting standards e.g. IFRS, it may be possible to defer (until 31st January 2007) the payment of corporation tax on unrealised profits that derive from the movement in the values of financial assets or financial liabilities between 1st November 2006 and 31st December 2006.

21st November 2006

Last date for filing corporation tax return CT1 for companies with a financial year ending on 28th February 2006.

Due date for any balancing payment in respect of the same accounting period.

30th November 2006

Last date for filing third party payments return 46G for companies with a financial year ending on 28th February 2006.

30th November 2006

Latest date for payment of dividends for the period ended 31st May 2005 to avoid Sections 440 and 441 TCA97 surcharges on investment/rental/professional services income arising in that period (close companies only).

Relevant dates for individuals

31st October 2006

Income of individuals who are engaged in the trade of farming and are in receipt of EU single payments may opt to have any payments received in 2005 disregarded for tax purposes and instead treated as arising in equal instalments in years of assessment 2005, 2006, 2007. An election must be made in writing on or before 31st October 2006.

31st October 2006

Under the Revenue’s Code of Practice for Revenue Audits certain time limits are outlined within which ‘self-corrections’ may be made. ‘Self-corrections’ may be made. ‘Self-corrections’ enable a taxpayer to amend a submitted return without penalties.

According to these guidelines ‘self correction’ claims for the income tax year 2004 must be made by 31st October 2006 (or arguably 16th November 2006 if the extended ROS pay and file deadline was availed of).

31st October 2006

Where an individual exercised a share option between 6th April 2000 and 28th March 2003 and made an election to deter the payment of income tax due on the exercise, the income tax deferred will be due on 31st October 2006 where the shares were disposed of in 2005.

31st October 2006

This is due date for payment of preliminary income tax for the tax year 2006. In order to avoid interest charges arising the preliminary tax must amount to either 90% if the ultimate tax payable for the 2006 tax year or 100% of the tax liability for the previous year (2005) or in the case of a direct debit participant, 105% of the tax liability for 2004 (assuming the ROS pay and file 16th November 2006 extension is not availed of).

31st October 2006 is also the due date for payment of any balance of tax for the year of assessment 2005, assuming adequate preliminary tax was paid for 2005.

31st October 2006

This is the due date by which self-assessed income tax and capital gains tax returns must be made for the year of assessment 2005.

31st October 2006

Latest date for making contributions to PRSAs, AVCs or RACs for the tax year 2005.

1st November 2006

Due date for providing details of 2006 opening times and public access to approved buildings and gardens under Section 482 Taxes Consolidation Act 1997.

16th November 2006

An extension of the pay and file date of 31st October 2006 to 16th November 2006 may be availed of if customers submit their payment and file their return through Revenue Online Services (ROS). The extension applies to;