Ireland: Taxpayers to Submit Financial Statements in Inline eXtensible Business Reporting Language

Oct. 4, 2012 - PRLog -- (Sunnyvale, CA)- The revenue department of Ireland declared that it will provide taxpayers the option of submitting financial statements in Inline eXtensible Business Reporting Language (iXBRL) format through the upgraded Revenue's On Line System (ROS), to make the inspection process efficient. Similar facilities will also be available for income tax payers from January 1, 2013.

Financial statement submission in iXBRL format is voluntary in the beginning, but will be made mandatory in due course for most of the companies. Companies dealt by the Large Cases Division (LCD) will be impacted in first mandatory phase.

Financial Statement Submission in iXBLR: Implications
•   The new process would help in reducing turnaround time for matters like repayment claims.
•   iXBRL filing would also help the Irish Revenue department for efficient assessments.
•   It would also help in reducing audits and interventions for the most of compliant taxpayers.

For more information on this topic email media@nair-co.com
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