Traders (including farmers), professionals and other persons carrying on a business, as well as non-trading or non-profit making organisations and bodies of persons (including charitable organisations and statutory bodies) are required to file Forms 46G annually containing details of payments made by them to third parties for services provided.
For individuals / persons (other than companies) the return should include payments made
The Form 46G must be filed on or before 31st October of the following year.
For companies, the Form 46G should cover all relevant payments in an accounting period and be submitted no later than 9 months following the end of the relevant accounting period.
A non-compliant taxpayer (i.e. where a taxpayer fails to deliver a true and correct return) may be liable to a penalty of €3,000. In addition to which a tax clearance certificate may not be granted and tax refunds may be withheld.
Details of payments must be returned where the total amount paid to one individual or company in the year exceeds €6,000.
Relevant payments include:
Revenue provides a list of services that must be specifically disclosed. This list should be reviewed prior to filing a Form 46G on an annual basis.
The following categories of services were recently added:
Certain payments are not required to be disclosed such as:
For further details, please follow the link:
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