Revenue has published eBrief No. 68/12 which sets out their position with regard to the interaction of Professional Services Withholding Tax (PSWT) with the calculation of the amount of preliminary tax payable to the Collector General.

Revenue advises in the eBrief that the amount of preliminary tax required to be so paid is calculated by reference to the amount of tax payable by the person for the tax year, or accounting period in the case of a company.

Revenue has also updated their guidance in Information Leaflet IT 19 to clarify the interaction between a credit for PSWT and the calculation of the amount of preliminary tax required to be paid by chargeable persons. The example set out on page 4 of the information leaflet illustrates this point.

Revenue'eBrief No. 68/12 is available here.