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Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Non-compliance with Return of Trading Details obligations to impact RCT rates of subcontractors

At a TALC meeting, Revenue stated that non-compliance with obligations to file VAT Return of Trading Details may impact a contractor’s entitlement to the zero-rate for Relevant Contracts Tax purposes.

VAT registered persons are required to complete an annual form known as the Return of Trading Details (RTD). This form is a statistical form which records the net value of goods and services acquired and supplied by the person, broken down by the different VAT rates.

An e-RTD system was implemented on ROS in 2013. Revenue withhold tax refunds where RTDs are outstanding and restrictions to a contractor’s entitlement to the zero-RCT rate will apply going forward according to Revenue. This could have serious consequences for a contractor’s cash flow so early compliance with RTD obligations is recommended.