Employers told of major changes to PAYE system at modernisation talk
Employers, human resources managers and payroll administrators were told of changes to the way the PAYE system operates in Ireland from January 1 at a breakfast talk held in the Kennedy Boutique Hotel in New Ross.
The days of mountains of paperwork that go with monthly and quarterly tax returns will soon be done away with under the Revenue's plan to fully digitise PAYE taxation in Ireland, the meeting was told by Carmel Fortune of the Office of the Revenue Commissioners.
A crowd attended the event, enjoying a buffet breakfast, prior to a welcome by New Ross Chamber President Jonathan Keenan. They were given an overview by Ms Fortune and Colm O'Feinneadha of the Revenue Commissioners about how employers will have to report their employees' pay and deductions as they are being paid which will make it easier to deduct and pay at the right time the correct amounts of income tax, PRSI, USC and Local Property Tax.
Described as the biggest shake-up in the State's tax system since the introduction of self-assessment in the late 1980s, the new system will eradicate bureaucratic form-filling, removing the P30, P35 and P60 tax forms from the system in favour of a more streamlined digital process. Full-time reporting, integrated with business processes, is the future, attendees were told.