Revenue has agreed to implement a change in the filing deadline for iXBRL financial statement returns. Tax and Duty Manual has been amended accordingly.

The effect of the change is as follows:

• The concessional 21 day extension will be increased, until further notice, to 3 months in respect of all iXBRL returns received by Revenue for any accounting periods ending on 1st December 2015 or later.
• The strict due date of the iXBRL return will remain unchanged, i.e. it will be due on the same date as the associated Form CT1.

The 3 month filing extension for iXBRL returns will apply from the due date of the Form CT1.

• If the iXBRL return is filed later than 3 months after the CT1 due date, a late filing surcharge of 10% will apply. There will be no 5% rate because the time period for application of that rate will have already passed.
• It should be noted that the 21 day concession continues to apply to iXBRL returns submitted where the accounting period ends on 30th November 2015 or earlier.

Practitioners and filers should note that the due date for filing Form CT1 is not affected by the above mentioned extension. Accordingly, to ensure that surcharges were not incurred, Forms CT1 should have been filed on or before the appropriate due date. The iXBRL filing extension will not change existing practice whereby repayments are held pending receipt of the iXBRL return.

Queries regarding this matter can be referred to Revenue’s dedicated helpdesk for iXBRL matters at iXBRL@revenue.ie or to the relevant local Revenue Office.

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