Revenue Commissioners Ireland outline their roadmap towards mandatory filing of financial statements in XBRL

1. Mandatory Tax Filing in XBRL
What’s happening here?
Seán Leake
Revenue

2.  eFiling has been mandatory since 1 January
2009 for businesses filing with Large Cases
Division
 Draft Statement of Strategy 2011-2013 -
key objective is establishment of electronic
channels as norm for doing business with
Revenue
 Plan to extend mandatory eFiling
Mandatory eFiling

3. Electronic Returns 2009 v 2008
2009 2008 Increase
VAT 3 526,774 501,037 5%
Employers' Monthly PAYE Returns P30 494,559 499,587 -1%
Employers' Annual PAYE Returns P35 143,080 128,896 11%
Cessation Certificate - Form P45 441,349 515,198 -14%
Income Tax Returns - Form 11 382,135 367,258 4%
Corporation Tax Returns - Form CT1 117,801 107,234 10%
Vehicle Registration Tax (VRT) Registrations 62,493 181,538 -66%
Relevant Contracts Tax - Monthly C30 201,265 192,752 4%
Relevant Contracts Tax - Annual C35 19,103 16,252 18%
Customs Declarations 781279 953922 -0.181
Total No of all ROS Returns 3,169,838 3,463,674 -8%

4. Mandatory Filing From 1 May Next
 All companies
 All partnerships
 All trusts
 Individuals subject to the high earners’
restriction
 Individual employers with more than 10
employees on the P35 for 2010

5. From 1 May Next (cont.)
 Individuals benefiting from or acquiring
foreign life policies, offshore funds or other
offshore products
 Individuals claiming property based
incentives and industrial based incentives
 Submission of Form 46G – return of
payments to third parties

6. Mandatory Filing From 1 January 2012
 All businesses registered for VAT
 Individuals claiming one or more specified
reliefs or allowances

7. Mandatory Filing From 1 January 2013
 All individuals (non VAT registered) whose
annual turnover or gross receipts exceed
– €75,000 if selling goods, or
– €37,500 if providing services or receiving
rental income.

8. Extract From Financial Statements
Income
 Sales / Receipts / Turnover
 Receipts from Govt Agencies
 Other Income
Trading Account Items
 Purchases
 Gross Trading Profits
Expenses and Deductions
 Salaries / Wages, Staff costs
 Directors’ remuneration
 Sub-contractors
 Consultancy, Professional fees
 Motor, Travel and Subsistence
 Repairs / Renewals
 Interest Payable
 Depreciation, Goodwill / Capital
Write-off
 Provisions including Bad Debts
 Other expenses (Total)
Balance Sheet, Capital and
Reserves
 Balance of Directors’ current
and loan accounts
 Stock, Work in Progress,
Finished goods
 Debtors and Prepayments
 Cash on hand / Bank - Debit
 Bank / Loans / Overdraft -
Credit
 Creditors and Accruals
 Tax Creditors
 Shareholders’ Funds

9. Explanatory Notes
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Wages
Sales
Repairs
Bank

10. National Agenda
 Public service is going to have to work smarter
with a lot less
 Better regulation: need for more easily accessible
real-time data
 Provision of similar information to different
government agencies
 Filing with USC, HMRC and others
 Continue to market Ireland as an attractive place
to do business
 Make it as easy as possible for business to comply
with the regulatory burden.

11. Where Are We Now?
 Financial statements and computations
electronically with the ROS return on a voluntary
basis from the end of next year
 Targeted at existing mandatory eFilers with our
Large Cases Division
 Objective is to link mandatory submission of
financial statements in XBRL with the final
January 2013 mandatory eFiling date
 Irish GAAP taxonomy in XBRL
 Working closely with CRO and CSO

12. Contact Details
 Seán Leake – Income and Capital Taxes Division
 sleake@revenue.ie
 Kevin Mulkerrins – Planning Division
 kmulkerr@revenue.ie
 Martin Roche – Large Cases Division
 mtnroche@revenue.ie