Last week the Institute, under the auspices of the CCAB-I, wrote to the Minister for Finance to ask for a delay to the implementation of Enhanced Reporting Requirements (ERR) for employers to enable businesses to prepare for this significant change. Employers have only recently been provided with limited guidance on the matter. The Frequently Asked Questions (FAQs) document was published just last week. We also re-iterated member’s concerns over the need to report payments to Revenue on or before the time they are made stating that the administrative burden created by real-time reporting is disproportionate to the value of the information garnered, in particular for smaller businesses.
At the time of writing, the order to commence the legislation from 1 January 2024 has not been signed by Minister McGrath. We will continue to engage with Revenue on this matter and update members via Tax News.