The standard tax year in Ireland is the calendar year, January 1st to December 31st. Note, however, that alternate tax years are acceptable as long as they are 12 month periods.
The following chart summarizes the obligations of Ireland taxpayers with respect to payment dates and deadlines in Ireland.
Annual corporate income tax returns must be filed by the 23rd day of the 9th month after the end of the accounting period. The return must include the calculation of tax payable and all supporting documentation and other details relevant to the enterprise's tax liabilities. An authorized agent is permitted to make the return on the enterprises behalf.
In cases of an enterprises winding up, the tax return must be filed within three months of the commencing of the winding up process.
If an enterprise feels any items are in doubt, they are allowed treat such items to the best of their belief. These doubtful items must be disclosed when filing the return, which will generally provide protection from interest penalties due as a result of a subsequent adjustment by the tax authorities. Late returns, however, will not qualify for such protection. In addition, protection will be denied if used to avoid or evade tax, or if the doubt is based on disagreement with published interpretation of tax legislation.
Final payment of the tax liability is made at the time of the annual return, and all returns and payments must be done electronically.
Financial statements must be prepared and audited by a registered auditor and submitted along with the annual tax return.
Certain private limited companies are not required to have their financial statements audited. The small business criteria for exemption include:
- Balance sheet total not exceeding EUR 4.4m;
- Turnover not exceeding EUR 8.8m; and
- Employees not exceeding 50.
Medium sized companies may be exempted from the full extent of the requirements relating to annual financial statements in respect of any financial year if in respect of that year and the financial year immediately preceding that year the company satisfies two of the three following conditions:
- Balance sheet total not exceeding EUR 10m;
- Turnover not exceeding EUR 20m; and
- Employees not exceeding 250.
Large companies, however, must file full financial statements which consist of:
- Full balance sheet;
- Profit and loss account;
- Auditor's report; and
- Directors' report.
The following company types are not exempt from producing audited financial statements regardless of meeting the above criteria:
- Public limited companies;
- Unlimited companies;
- Parent or subsidiary companies;
- Banks and other financial institutions;
- Companies limited by guarantee;
- Insurance companies; and
- Financial intermediaries
In the case of enterprises with a previous year's tax liability of greater than EUR 200,000, initial preliminary tax payment is due by the 23rd day of the sixth month following the end of the previous period. The amount due is either 50% of the previous year's tax liability or 45% of the current year's tax liability.
The second preliminary payment (or only payment in the case of enterprises with previous year's tax liability less than EUR 200,000) must be made by the 23rd day of the 11th month following the end of the previous period. The amount payable is the remaining balance of 90% of the current period’s tax liability or 100% of the previous year's tax liability.
Small companies continue to pay preliminary tax in one installment, 31 days before the end of the accounting period. However, where this date is later than day 21 of a month the payment must be made by day 21 of that month.
There is an extension of two days rom day 21 to day 23] for those companies which file their returns and payments electronically.
Enterprises registered for VAT in Ireland are required to submit an annual statistical return of trading details. The Return includes a breakdown of the supply of goods and services, imports and deductible inputs at the various VAT rates applicable during the year, including all Irish, Intra-EU and non-EU trade. The timing of the return is based on the accounting period of the company, and must be submitted by the 19th of the month after the end of the period.
Ireland requires that all returns, payments and other filing be made using their electronic service, Revenues Online Service (ROS). https://www.ros.ie
Companies incorporated in Ireland are required to hold an annual general meeting within 18 months of incorporation. Subsequent meetings must be held within nine months of the end of the company's accounting period and within 15 months of the previous meeting. Companies with a single shareholder are not required to hold annual general meetings.
All companies incorporated in Ireland must submit an annual return and financial statements to the Companies Registration Office. The return should include the following:
- Registered office of the company;
- Authorized and issued share capital;
- Shareholders Information;
- Directors and secretary information;
- Any transfer of shares since last return; and
- Any political donations
The annual return date is set by the Companies Registration Office based on the date of incorporation of the company, though this may be changed once every five years. The date must be within nine months of the end of the accounting period of the company, and the return must be filed within 28 days of that date.