REVENUE - IXBRLiXBRL Filing Obligations 2015

Gregory Whooley – Revenue Commissioners

July 2015

• Contents:

• Who is obliged to file iXBRL

• Complying with iXBRL filing obligations

• What should be included in the iXBRL return

• Concessions around iXBRL Filing

• Future direction of iXBRL project

• Where you can get more help for iXBRL filing

• Who is obliged to file iXBRL returns?

• All Corporation Tax cases dealt with in Revenue’s Large Cases Division (Phase 1):•

• – effective 1st October 2013, except SPVs, for accounting periods 31st Dec 2012 et seq

• - effective 1st May 2014 for SPVs (Securitisation Special Purpose Vehicles) for accounting periods 31st July et seq.

• All cases (Phase 2) meeting any one of the following criteria:

• 1.The balance sheet total (Aggregate of Assets without deduction of liabilities) of the company > €4.4 million;• 2.The amount of the turnover of the company > €8.8 million; and• 3.The average number of persons employed by the company > 50.

• – effective 1st October 2014 for accounting periods 31st December 2013 et seq.

• To be excluded from Phase 2 obligation, all three criteria must not be breached.

• iXBRL filing is optional for Corporation Tax filers not covered by Phase 1 and Phase 2. iXBRL filing is also optional for Income Tax filers.

• Complying with iXBRL filing obligations:

• Filing of iXBRL is allowed only through ROS

• Up to March 2015, iXBRL compliance was tracked manually.

• Since April 2015, compliance is driven by Revenue’s compliance system.

• This means that the following are automatically applied if iXBRL or CT1 is filed late:• surcharges• stopping of refunds• restriction of CT losses claimed • refusal of tax clearance.

• Complying with iXBRL filing obligations:

• Form CT1 2014 Integrity checks:

• Real time checks – Form CT1 will not get through ROS if:• CT1 turnover figures exceed € 8.8m• CT1 Shareholder Funds exceed € 4.4m• Selecting iXBRL option required to have CT1 pass validation.

• Checks carried out after file is accepted in ROS:• Is the case an LCD case• Are the number of employees greater than 50• Where this is encountered the requirement to file iXBRL will remain

• What should be included in the iXBRL Return?

• Revenue has mandated the full tagging of financial statements including:• Directors Report; • Auditors Report; • Detailed Trading and Profit & Loss account; • Balance Sheet; • Notes to the accounts; • Cash Flow statements and • Statement of Total Recognised Gains & Losses • (please note this list is not exhaustive).

• The guiding principle is “tag what you have”

• What should be included in the iXBRL Return?

• iXBRL Concessions:

• 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 mandatory filing obligation • where a taxpayer has made reasonable efforts to comply with their

obligations. • this concession relates to iXBRL filing difficulties only and • does not in any way constitute a change to the normal surcharge and

penalty regime.

• iXBRL Concessions:

• 21 Day concession:

• iXBRL return must be filed within 21 days of statutory due date of the Form CT1• Surcharges, stopping of refunds etc. will not apply if this filing concession is

met.

• 21 days from the statutory due date of the Form CT1 not the ROS filing deadline.

• Phase 2 Qualifying criteria – meaning of balance sheet total (Options until 31 Oct 2015)

• iXBRL Concessions:

• Detailed Trading and Profit & Loss (DPL):• Has been subject of discussion between Revenue and Practitioner

representatives.• Agreed position is that the DPL must be included in every iXBRL

return filed.• Where difficulties are being encountered in tagging the DPL

Revenue is setting an effective date by which DPL must be fully tagged.

• All iXBRL returns filed from 1st December 2015 must contain the fully tagged DPL details.

• Up to 30th November 2015 Revenue will accept iXBRL returns where DPL is not tagged because of tagging difficulties.

• iXBRL Concessions:

• Draft Accounts and Long Account Periods

• Keep an eye out for eBriefs and changes to iXBRL FAQs

• Future direction of iXBRL project:

• Phase 3 – Decision will be made in relation to extending the scope of iXBRL• Not likely until end of 2015 at the earliest

• Integration of iXBRL with Revenue’s risk systems• Will be a gradual process commencing Autumn 2015

• CT Computations in iXBRL• Being actively researched within Revenue. Decisions on CT computations likely

during 2016.

• New Taxonomies: FRS 101; FRS 102; EU IFRS• Awaiting delivery from BRIL – imminent

• Where you can get more help on iXBRL:

• Dedicated iXBRL pages, including iXBRL FAQs on Revenue website.

• iXBRL Help Desk:

• IXBRL:

• Thank you

• Questions?