Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The section amends paragraph 15(1) of Part 4 of Schedule 2 to the Taxes Consolidation Act 1997 in relation to the due date for the filing of the annual encashment tax return and the payment of the encashment tax due. Encashment tax is required to be deducted by paying and collecting agents when they pay or receive payment of certain public revenue dividends or interest and dividends of certain non-resident entities. The tax collected is paid to the Collector General.

Schedule 2 deals with the assessment, charge and payment of encashment tax. This section amends Schedule 2 to change the return filing and payment date from the 20 January to 15 February. The original date was proving difficult for industry to meet. There is no overall net cost to the Exchequer in making this change.