REVENUE - IXBRL iXBRL 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 1 st October 2013, except SPVs, for accounting periods 31 st Dec 2012 et seq - effective 1 st May 2014 for SPVs (Securitisation Special Purpose Vehicles) for accounting periods 31 st 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 1 st October 2014 for accounting periods 31 st 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 CT 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 1 st December 2015 must contain the fully tagged DPL details. Up to 30 th 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 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?