In Budget 2017 Michael Noonan the Minister for Finance, announced the launch of Revenue’s consultation process regarding the modernisation of the Pay As You Earn (PAYE) system.
This public consultation process will run until Sunday 12 December 2016. Any submissions received after this date may not be considered.
PAYE Modernisation is planned to be operational from 1 January 2019.
According to the public consultation paper the objective of PAYE Modernisation is Revenue, employers and employees will have the most accurate, up to date information relating to pay and tax deductions.
It will bring a real time online system for wages details not too dissimilar to UK HMRC Full Payment Submission Real time system. Employers will be obliged to submit details of all employees on regular basis instead of the annual basis and all employees will be able access their data online from the revenue.
The revenue hope to significantly reduce form-filling required, for example, Forms P30, P35, P45s, P46s and P60s will be eliminated.
If you are interested in how this could affect you as an employer or employee you should read the PAYE Modernisation Public Consultation Paper and contact the revenue before Sunday 12 December 2016 by email to: email@example.com or respond by post to:
Any submissions received after Sunday 12 December may not be considered.
Please contact me if you need any help with your payroll