PriceWaterhouseCoopers calls for no change to either filing or payment date in the Revenue Pay and File regime. There should be no change to either the filing or payment date in the Revenue Pay and File regime for the self employed, according to PwC. With cash being in short supply, the earlier payment date will put enormous undue pressure on businesses, especially on SMEs, who are still feeling the headwinds of the recession.
Billy Sweetman, Partner, PwC, said:
“If the payment date were moved to the earlier date of either June or September, we expect this will severely impact the cash flows of many businesses and may have repercussions on the long term trading ability of some organisations. Also, with income tax yield from the self employed being less than 3% of the total tax yield in 2012, the proposed changes would not give any greater certainty to the Exchequer receipts, nor would it greatly improve the accuracy of forecasting. Ireland has a high compliance level and businesses have worked hard to achieve this over the last ten years. Any change that may risk the reliability of this excellent compliance rate should be avoided.”
“At a time when growth and employment are so important to our economy, organisations, and particularly SMEs, should be given all reasonable supports to improve cash flow and long term viability rather than hinder it.”