The Irish tax authority on 10 November 2013 announced that- the scope of the simplified reporting regime for small businesses in respect of value added tax (VAT) will be expanded, Pay As You Earn (PAYE)/ Pay Related Social Insurance (PRSI) and Relevant Contracts Tax (RCT) from January 1, 2014. It is designed to reduce tax compliance costs for small businesses and to reduce administrative time spent on tax, leaving them with more time to concentrate on managing their business.
There will be automatic transition to the new regime, and will not require any action from small businesses or appointed representatives.
