Revenue proposes to extend the iXBRL filing deadline to within three months of the Form CT1 filing date. Currently, iXBRL returns are due within 21 days of the Form CT1 filing date. We have had communication from Revenue to clarify these iXBRL proposals.

• The concessional 21 day extension will be increased to three months in respect of accounting periods ending on 1 December 2015 or later.
• The three month filing extension will apply from the due date of the Form CT1.
• If the iXBRL return is filed later than three months after the due date, a late filing surcharge of 10% will apply.
• It should be noted that the 21 day concession continues to apply to iXBRL returns submitted where the accounting period ends on 30 November 2015 or earlier.

The extension to the filing deadline is worthwhile, bringing it broadly in line with CRO deadlines (which do not require iXBRL filing). However a surcharge on companies that have already paid their taxes to the Exchequer remains a difficulty.

In the UK, where a similar mandatory iXBRL filing regime applies, a comparable failure to file accounts in iXBRL after three months attracts a fixed penalty of £200. Tax geared penalties only begin to apply after six months of non-iXBRL filing, and then only on unpaid taxes.

We continue to engage with Revenue on iXBRL and we will keep you informed of developments. You can read more on the iXBRL filing requirements for companies and updates on our iXBRL web centre.