In Ireland, 31 March 2017 is the mandatory due date for the filing of returns of information for certain employee share participation schemes in respect of 2016. Failure to comply with this mandatory filing obligation can result in a penalty and other sanctions.
This requirement to file information returns is particularly important for companies with employees and directors that have been granted share options, or options have been assigned, released, or exercised by employees and directors, or a Revenue-approved share participation scheme has been operated in 2016.
Failure to comply with this mandatory filing obligation can result in a penalty and, in the cases of Revenue-approved schemes (such as Approved Profit Sharing Schemes, Employee Share Ownership Trusts, and “Save as You Earn” schemes) Revenue approval can be withdrawn.
Grant, release, assignment and exercise of options awarded to directors and employees must be reported on the 2016 Form RSS1. This Form must be submitted in electronic format. The electronic Form RSS1 is in a spreadsheet format which must be up-loaded via the Revenue Online System (“ROS”). Only registered ROS users may access and upload returns.
No entry is required on Form RSS1 for awards which have been subject to PAYE through payroll (including restricted and forfeitable shares and the vesting of restricted stock units).
A separate 31 March 2017 mandatory filing requirement also applies to the following Revenue-approved share participation schemes:
These returns continue to be in paper form.
This article is excerpted from, “Reporting Deadline: 2017 Share Schemes,” a publication of the KPMG International member firm in Ireland.
For further information or assistance, please contact your local KPMG International member firm GMS or People Services professional or one of the following professionals with the KPMG International member firm in Ireland:
Tel.: + 353 01 410 1768
Tel.: + 353 01 410 2759
The information contained in this newsletter was submitted by the KPMG International member firm in Ireland.
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