Most corporate taxpayers will by now know that financial statements in iXBRL format are due to be filed within 21 days of the CT1 due date. This Institute has been arguing the case against the harsh application of a late filing surcharge and penalties where companies have run into problems with this new compliance requirement. Revenue’s insistence on Mandatory iXBRL increases the cost of tax compliance with little or no benefit to the taxpayer.

Revenue informed us that the application of a surcharge for late filing of iXBRL formatted financial statements is at their discretion. In cases where a surcharge may be applicable, you should contact the Revenue case manager. When contacting Revenue in relation to this, please note Revenue’s published FAQ which states:

“Revenue will not impose late filing surcharges or other penalties in respect of errors in the creation or filing of iXBRL tagged financial statements for a period of 2 years following mandation where a taxpayer has made reasonable efforts to comply with their obligations”

For further information on iXBRL visit the Institute’s iXBRL centre at www.charteredaccountants.ie/ixbrl.