TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

TALC update on directors whose employer is in the Debt Warehousing Scheme

Chartered Accountants Ireland, under the auspices of the CCAB-I, requested a concession on the interaction of the Tax Debt Warehousing Scheme and section 997A TCA 1997 to the effect that directors whose employer is in the warehousing scheme will have the benefit of their PAYE credit in their 2020 income tax return. However, at a recent TALC meeting Revenue said it is not able to provide such a concession. This means that impacted directors will have to apply for the income tax warehousing scheme or a phased payment arrangement as per Tax and Duty Manual Part 42-04-59 if they cannot fund their income tax liabilities because of no credit for PAYE on their salary. The matter will be raised in the CCAB-I Pre-Budget submission.