Information for Subcontractors
Revenue has suspended the Relevant Contracts Tax (“RCT”) rate review that was scheduled to take place in March 2020 on the basis that a subcontractor’s RCT rate may increase due to changes in their compliance position as a result of this review. Despite the RCT rate review being suspended to prevent any increase in a subcontractor’s RCT rate, subcontractors can still check if their rate should be lower on the Revenue Online Service (‘ROS’) and can then ‘self-review’ to avail of a lower deduction rate.
Existing tax clearance and RCT rate status will remain in place over the coming months and will not be impacted by availing of any of the deferral mechanisms referred to in earlier sections.
PSWT Interim Refunds
To accelerate interim refunds of Professional Services Withholding Tax (PSWT) during the Covid-19 pandemic, Revenue have announced that PSWT interim refunds will be paid on the basis of a written statement issued by the accountable person where the relevant F45 form cannot be issued to the specified person due solely to the current Covid-19 circumstances.
How RBK can help?
If you need assistance to avail of any of the above measures or wish to discuss in confidence, please contact your usual RBK contact or:
- Jackie Masterson, Tax Partner
- Patrick Fannon, Senior Tax Manager
