Revenue Tax Briefing Issue 49, August 2002
Section 958 TCA 1997 (as amended by Section 58 of the Finance Act 2002) advances the payment date for preliminary corporation tax to one month before the end of the accounting period. The change is being phased in over a 5 year transition period and is to be fully effective for accounting periods ending after 2005. During the transition period, preliminary corporation tax is payable in two instalments. The first instalment is due 1 month before the end of the accounting period. The second instalment within 6 months after the end of the accounting period.
The changes in preliminary corporation tax are set out in detail in Tax Briefing Issue 48.
The legislation also contains a mechanism which allows the Minister for Finance to make an Order providing that preliminary corporation tax due to be paid in any month be paid on an earlier date in that month. This can apply to both first and second instalments of preliminary corporation tax.
The Minister for Finance by means of an Order made on 26 July 2002 (S.I. No. 394 of 2002) appointed -