Preliminary tax

A company with a tax charge below €200,000 may pay preliminary tax based on its previous year’s liability.

A company with a tax charge above €200,000 must pay in two instalments:

(a) the first is payable on the 21st of the sixth month of the accounting period (e.g., 21 June for a calendar year period),

(b) the second is payable on the 21st of the eleventh month of the period (21 November for a calendar year period).

Where a company pays and files electronically, the 21st becomes the 23rd.

The preliminary tax payment must equal 90% of the ultimate liability.

Any remaining balance must be paid on or before the return filing date (s 958(3)).

Filing of return

A company must file a corporation tax return on or before the return filing date, i.e., the last day of the ninth month after the end of the accounting period (s 951).

Close company surcharge

A surcharge of:

(a) 20% applies where a closely held company does not distribute investment or rental income to its shareholders (s 440), and

(b) 15% applies to 50% of undistributed professional income applies where a closely held professional service company does not distribute its income to its shareholders (s 441).