Amended Regulations for Relevant Contracts Tax (RCT)

Revenue eBrief No. 26/13 outlined transitional arrangements for principal contractors who engaged a subcontractor on more than one contract at the same time and stated that Revenue proposed to amend the Regulations concerning the submission of payment notifications.

Revenue has has now made amended Regulations governing the operation of RCT, entitled Income Tax and Corporation Tax (Relevant Contracts Tax) (Amendment) Regulations 2013 (S.I. No. 412 of 2013)

The Regulations amend the Income Tax and Corporation Tax (Relevant Contracts Tax) Regulations 2012 (S.I. No. 576 of 2012)

The amended Regulations will allow a principal contractor the option of notifying a payment to Revenue using any valid contract notified to Revenue for that subcontractor. Alternatively, a principal contractor may associate the payment notification with the specific contract to which the payment relates.

There continues to be an obligation on the principal to notify each contract to Revenue.

18 November 2013