Chartered Accountants Ireland, under the auspices of the CCAB-I, made representations to Revenue on the difficulties facing companies, due to COVID-19 disruption, in meeting the 23 December iXBRL deadline. Revenue confirmed that companies and their accountants can seek to make arrangements to ensure that a late filing surcharge and restriction on loss and group relief is not imposed where a company is genuinely unable to file iXBRL financial statements due to extenuating circumstances.

A Revenue representative confirmed:

Further to Item 6 on iXBRL Filings from TALC Collections on 25 November, we have issued an internal update to Revenue colleagues to say that some companies may be unable to submit their iXBRL financial statements for the year ended 31 December 2020 before the 23 December 2021 deadline due to difficulties completing audits and signing off on financial statements during the ongoing Covid-19 pandemic.

As such, we’ve advised that they may see an increase in requests for waivers of Corporation Tax surcharges where the iXBRL submission is filed late and/or requests for tax clearance in the absence of the iXBRL submission.

We then reminded colleagues that they may waive the Corporation Tax surcharge or issue tax clearance on a case-by-case basis when a company is genuinely unable to file the iXBRL financial statements due to extenuating circumstances, for example where key personnel are absent due to Covid.

Affected companies should contact their operational branch via MyEnquiries where they wish to request a waiver of the Corporation Tax surcharge and/or request tax clearance.

It was also confirmed that Revenue staff will consider withdrawing loss relief/group relief restrictions, which apply on the late filing of iXBRL financial statements, on a case-by-case basis.

Requests to have surcharges waived and restrictions on loss relief/group relief withdrawn on a case-by-case basis should be submitted through MyEnquiries; select the “Corporation Tax” and “iXBRL” dropdown categories. Revenue confirmed that these queries will be prioritised.

In line with Part 3.1.4 of the iXBRL Tax and Duty Manual, it was confirmed that filers can submit draft iXBRL financial statements, without permission from Revenue, where the only issue pending is director(s) sign off of the financial statements. The TDM confirms that in these circumstances, there is no need to resubmit the iXBRL financial statements, when they are signed-off later [unless the draft statements are different to the final ones submitted].

Where there are other issues giving rise to the draft financial statements, filers are required to contact the Revenue through MyEnquiries; select the “Corporation Tax” and “iXBRL” dropdown categories. Filers must outline the reason(s) for the draft financial statements and request permission to submit draft financial statements in that situation. If this is agreed, then the final signed-off set of financial statements must also be submitted in iXBRL format.