What does iXBRL filing mean for your business?
In July 2012 Revenue announced that from 23 November 2012 all companies would have the option to file iXBRL financial statements with Revenue and that the submission of iXBRL financial statements would be mandatory for all companies dealt with by the Large Cases Division (“LCD”) of Revenue in respect of tax returns filed on or after 1 October 2013, relating to accounting periods ending on or after 31 December 2012.
In June 2013 Revenue announced that the submission of iXBRL financial statements will be mandatory for non-LCD companies in respect of tax returns filed on or after 1 October 2014, relating to accounting periods ending on or after 31 December 2013. This mandation date will not apply to entities who meet all three of the iXBRL exemption criteria (balance sheet value not exceeding €4.4m and turnover not exceeding €8.8m and average employee numbers not exceeding 50). These ‘exempt’ companies will be mandated in 2015 at a date still to be decided by Revenue.
Currently financial statements may be uploaded before, simultaneously with or after the corporation tax return. However, Revenue expects that the financial statements would be filed within 21 days of the filing of the corporation tax return or after the due date for the return, whichever is later.
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