Revenue Tax Briefing

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Revenue Tax Briefing Issue 56, July 2005

Professional Services Withholding Tax Credit

This is a reminder to practitioners that when claiming credit for PSWT on either the Form 11 or the Form CT1,the full amount of PSWT credit due for the year should be entered, even if any interim refunds/claim has already been made. The amount of any interim refund will automatically be deducted from the amount claimed.

Accordingly if you only enter the amount of credit nowdue (that is the amount less the interim refund/claim) the assessment will show a reduced credit, if any.

Example:

PSWT deducted in y.e. 30/09/2003

€14,000

Interim refund received August 2003

€ 3,500

Remaining credit available for offset against 2003 liability

€10,500

Amount entered in 2003 Form 11

€14,000

In support of the claim for PSWT you must have FormsF45/F43 for all of the tax withheld. These forms shouldnot be submitted with the Form 11/CT1 but must beretained by your client as they may be required at a laterdate for the purpose of a verification check on the claim

- see Tax Briefing Issue 52

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