Chambers Ireland will be preparing a submission in relation to Revenue’s proposals to modernise the PAYE system, as announced by Minister Noonan in his Budget statement.
The consultation paper is available here and calls for the views of employers, employees, payroll providers, tax practitioners, bookkeepers etc on PAYE modernisation. At its core, PAYE Modernisation means that, for each member of staff, employers will make the right tax deduction when the staff member is being paid, employees will have the certainty of knowing that they are not overpaying or underpaying tax and Revenue will, through real-time reporting by the employer, have the most up to date information possible to determine that each employee is subject to the tax deduction that is appropriate. It is anticipated that this reporting process by employers to Revenue will be fully integrated into the employer’s payroll run, thereby contributing to a significant streamlining of business processes and reducing administrative cost for employers.
If any Chamber or member business has feedback that they would like to be considered for inclusion in the Chambers Ireland submission please send your feedback to hdownes@shannonchamber.ie by cob 5th December 2016.
