Revenue has updated their iXBRL FAQs to note that they are willing to exempt an inactive company from the obligation to file statements in iXBRL format subject to certain criteria. This development follows protracted discussions by the iXBRL TALC subgroup, which includes Chartered Accountants Ireland, and representations made to Revenue on the matter.

As set out in the FAQs, Revenue will classify a company as “inactive” where certain criteria is met and hence will exempt such inactive/dormant company from the obligation to file iXBRL accounts. Companies that are inactive may also approach their tax district to seek permission not to file returns for the relevant periods of dormancy.

The iXBRL FAQs also confirm that section 110 companies (securitisation companies) will not be subject to mandatory iXBRL filing until 1 May 2014. As we have previously reported in Chartered Tax News, all corporate taxpayers dealt with by Revenue's LCD must file iXBRL accounts when filing their corporate tax return on or after 1 October 2013. Following representations made at the iXBRL subgroup, section 110 companies have been excluded from the 1 October 2013 mandatory date and are subject to a later mandatory iXBRL filing date on or after 1 May 2014.

Chartered Accountants Ireland continues to engage with Revenue on the roll out of mandatory iXBRL filing and readers will be kept updated on developments in tax.point.

Readers wishing to familarise or update themselves with iXBRL requirements may find the Revenue iXBRL section of their website of use. This section is available under Home – Online Services – ROS – iXBRL. The iXBRL FAQs are also available from the iXBRL section of the website. The February issue of tax.point featured an article written by Pat Mulhall of Revenue's iXBRL business team on the background and current status of Revenue's iXBRL project and the next steps.