The Corporation Tax Return for accounting periods ending in 2016 was released over the weekend of April 9th, and is now available for filing through both ROS online and ROS offline. The main changes to the return this year are as follows:

• Knowledge Development Box – The Trade Results panel contains a new section to return details of Profits from Qualifying Assets in respect of which a Knowledge Development Box claim is being made. Revenue guidelines in relation to the Knowledge Development Box are currently being prepared and will be available shortly.
• Petroleum Production Tax – The Trade Results panel also includes a section for the new Petroleum Production Tax (PPT) which applies in the case of any oil and gas exploration authorisations first awarded after 18/06/2014. This replaces the Profit Resource Rent Tax.
• Relevant Contracts Tax pre-population – Where the company was in receipt of RCT payments in the accounting period, this data will be pre-populated into the Trade Results panel. The data to be pre-populated will be:
  • o the sum of all gross payments received in the period, and
  • o the sum of all tax credits attached to these payments.
  This data will be displayed in a table, which is informational only and is provided to assist in the completion of the return. It does not, however, form part of the return and the payments received must be taken into account when finalising trading income.
  RCT data will only be pre-populated if
  • the corporation tax return for the previous accounting period has been filed,
  • the length of the accounting period on the previous return and the current return is the same, and
  • there was trading income included on the return for the previous period.
• Change to iXBRL/Accounts Extract validation – This validation has been updated to ensure that every company must select an iXBRL option when completing the CT1. Companies that are mandated to submit accounts in iXBRL format under Phase 1 or Phase 2, and companies that choose to do so, should select iXBRL option 1 or 2.
  All other companies should select iXBRL options 3, 4 or 5 and complete the accounts extract as appropriate.
  The updated validation will also be applied to the Corporation Tax Return for accounting periods ending in 2015. A revised 2015 return will issue in mid-June 2016.
• CT1 pre-population issues resolved – there has been an issue when completing a pre-populated return whereby data entered in some of the sub-panels could not be cleared. This issue has been resolved for accounting periods ending in 2016.
  In relation to the completion of a pre-populated return for accounting periods ending in 2015, this issue will be rectified in mid-June when a revised 2015 return will be available.

Release of Form 46G (Company) for accounting periods ending in 2016

The ROS online and ROS offline Form 46G (Company) for 2016 was also released over the weekend of April 9th. There is a problem uploading the offline form but we expect to resolve this issue shortly.

An updated version of the 46G Return Tool (spreadsheet) will be available directly from www.revenue.ie in the near future. This will cater for accounting periods ending in 2016 and for the 2015 year of assessment. The existing 46G Return Tool may continue to be used by customers for accounting periods ending in 2015 and prior, and for the 2014 year of assessment and prior. A further eBrief will advise customers and agents when the updated version is available.

Source: Revenue Commissioners. www.revenue.ie. Copyright Acknowledged.