On 5 December 2019, Revenue published eBrief No. 203/19 regarding the public consultation reminder of Dividend Withholding Tax (DWT). On 8 October 2019, the Finance Minister, announced a new process for applying and collecting Dividend Withholding Tax (DWT) from dividends and distributions made by Irish resident companies to individuals. The objective of this new process is to ensure individuals pay the correct amount of income tax and Universal Social Charge (USC) on dividend payments at the right time. It is planned that the new DWT Real-Time Reporting process will be operational for all dividends paid on or after 1 January 2021.
This public consultation process will run until 12 December 2019. Following this consultation, Revenue will publish a position paper on the basis of the observations, suggestions and comments received and will continue the collaborative process with relevant stakeholders to help with the design and development of DWT Real-Time Reporting.
