The Revenue Commissioners are represented on the Euro Changeover Board of Ireland.
Different businesses will change over to the euro at different times; accordingly, Revenue intend to provide their current range of services for businesses in both euro and Irish pounds during the period from 1 January 1999 until 31 December 2001.
From 1 January 1999:
Revenue will accept payment of any tax, customs duty or excise duty in either Irish pounds or euro.
Taxpayers who so wish may submit returns and declarations in euro for:
Corporation Tax - including submission of annual accounts in euro;
Advance Corporation Tax - for distributions denominated in euro;
Employers’ PAYE/PRSI (here the euro service will be available for the PAYE Tax Year commencing on 6 April 1999) - covering monthly P30 returns, annual P35 returns and monthly direct debits;
Income Tax for taxpayers under the self-assessment system - including providing annual accounts in euro;
Value-Added Tax - covering bi-monthly VAT3 forms, monthly direct debits, annual returns and repayments claims;
Capital Gains Tax - where acquisition costs are converted to euro;
Capital Acquisitions Tax - for entire returns completed in euro;
Stamp Duty - for returns/instruments denominated in euro;
Customs Duties - the Automated Entry Processing (AEP) service will be adapted to accept euro;
Excise Duties - covering all excises unless agreed otherwise with industry;
Intrastat and VIES (VAT Information Exchange System) for entire returns completed in euro.
For customs duties and excise duties, stamp duties and capital acquisitions tax, the facility to make returns and declarations in euro will be available on a case-by-case basis. For all other taxes and statistical returns, this facility will require taxpayers to make an irrevocable election to adopt the euro as the reporting currency for that tax or statistical return. For taxpayers who do not elect to switch to euro, Revenue outputs such as notification of preliminary tax, corporation tax and income tax assessments and employee TFAs will display the bottom line amount in both Irish pounds and euro.
For taxpayers who wish to continue operating in Irish pounds, changes will be kept to the minimum during this period. All services will continue to be provided in Irish pounds.
From 1 January 2002:
All taxpayers who have not already done so will be automatically switched to euro, and all transactions will be conducted in euro.
The material included in this Plan gives a brief summary of the services that Revenue will be providing to taxpayers to facilitate the changeover to the euro. More detailed information will be made available by Revenue.
