Ireland – Reminder on March Deadline for Reporting Employee Share Schemes

Ireland – Reminder on March Deadline for Reporting

This GMS Flash Alert reports on the upcoming deadline in Ireland for the filing of returns of information for certain employee share participation schemes.

1000

CONTACTS

Related content

flash-alert-2017-019

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. 

WHY THIS MATTERS

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Profit Sharing Schemes, Employee Share Ownership Trusts, and “Save as You Earn” schemes) Revenue approval can be withdrawn.  

2016 Form RSS1

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:

  • save as you earn options;
  • approved profit sharing schemes;
  • employee share ownership trust transactions.

These returns continue to be in paper form. 

RELATED RESOURCE

This article is excerpted from, “Reporting Deadline:  2017 Share Schemes,” a publication of the KPMG International member firm in Ireland.

The information contained in this newsletter was submitted by the KPMG International member firm in Ireland.

© 2017 KPMG, an Irish partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Flash Alert is an Global Mobility Services publication of KPMG LLPs Washington National Tax practice. The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Connect with us

 

Request for proposal

 

Submit

KPMG's new digital platform

KPMG International has created a state of the art digital platform that enhances your experience, optimized to discover new and related content.