Ireland–Electronic Form RSS1 for Share Option Reporting
20 January 2015
Introduction of Electronic Form RSS1–Return of share options and other rights
Companies are obliged to provide information to Revenue in relation to the grant, assignment or release of rights, the allotment of shares on the exercise of a right or the transfer of any asset under rights granted in accordance with Section 128(11) Taxes Consolidation Act 1997.
Currently, this information is provided on the Form RSS1, which must be filed by 31 March each year. The 2014 RSS1 is due to be filed by March 31, 2015.
Following the enactment of the Finance Act 2014, such information must be delivered in an electronic format approved by the Revenue Commissioners. The Revenue Commissioners have outlined that to facilitate this requirement. An electronic version of the Form RSS1 is currently in development and will be made available to customers and agents in February 2015. This electronic version will be in spreadsheet format, tailored to capture the Form RSS1 information, and will, according to the Revenue Commissioners, make it easier and quicker to complete and submit the form.
A further Revenue eBrief is expected issue when the electronic version of the Form RSS1 is available and is expected to include detailed instructions and explanatory notes for customers and agents on the completion and filing of the electronic Form RSS1.
The introduction of electronic filing of the form is to be welcomed, as historically it was quite a manual process. However, there will be a relatively short period between the expected release of the form and the filing date of March 31. We recommend that companies compile the required data as early as possible and do not wait for the actual form to commence this process. Penalties, both on the employer and the company secretary, apply for non-filing of the form, so all employers should ensure they meet this filing obligation.
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