PAYE reform will eliminate need for P30, P45 and P60 forms

Revenue collected €491.9m in tax, interest and penalties last year

PAYE reform will eliminate need for P30, P45 and P60 forms

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Revenue say a PAYE (Pay As You Earn) modernisation project will see "the most significant reform" of the system since its introduction in 1960.

The Finance Act 2017 gave full legal effect to the move to real time PAYE reporting.

For employers, it changes current end of year reporting practices and they will, from January 1st 2019, be required to report payroll data to Revenue each pay period.

Employees will also be able to view all the data employers report on their behalf.

Revenue says: "The start of real time PAYE reporting from 1 January 2019 will result in improved accuracy and transparency for Revenue, employers and employees."

It will also eliminate the need for P30, P45, P60 forms and end of year returns.

The service has published its annual report for 2017, which shows it collected just over €490m following compliance interventions.

It also collected €50.76bn in taxes, duties and levies in the year.

Source: Revenue

Increased tax receipts

Chairman Niall Cody said: "This is the seventh consecutive annual increase and €2.8bn more than in 2016.

"There were increased receipts from taxes on income, up 4%, VAT up 7% and corporation tax up 11%."

He said Revenue tries to "make it as easy and straightforward as possible for taxpayers to be voluntarily complaint, pay the right tax and duty at the right time, and claim their entitlements."

Pointing to more than 1.8 million users of Revenue's online service, he said Revenue will continue to improve online services and encourage customers to use them as "the quickest and most effective way to do business with us."

He also announced an extension of the Pay and File deadline for self-assessed taxpayers, who both pay and file online, to November 14th.

Compliance interventions

In 2017, Revenue carried out a total of 655,557 compliance interventions - ranging from routine assurance checks to audits and investigations.

A total of €491.9m in tax, interest and penalties was taken in form these operations.

Some 289 taxpayers were also published as tax defaulters in 2017.

"In November, following the emergence of allegations and information leaked in what became known as the ‘Paradise Papers’, we identified and profiled entities with Irish connections.

"We continue to collaborate on intelligence with tax authorities worldwide, share information under existing legal frameworks and to identify beneficial owners and establish the role of intermediaries and institutions in facilitating offshore evasion", the group adds.

Source: Revenue

While there were 24 criminal convictions for serious tax and duty evasion last year.

Revenue says 911 convictions and fines, amounting to €2.4m, were secured in respect of a range of offences.

There were also tax settlements amounting to €53m were agreed with 289 customers.

Read the full report here