In a statement today, Revenue has confirmed the definition of a ‘dormant’ entity for the purposes of Irish iXBRL accounts filing
Revenue has confirmed the following:
At present all companies that are registered in Ireland have an obligation under the companies Act 1963 to prepare and make out accounts. Companies that are inactive may approach their tax district to seek permission not to file returns for the relevant periods of dormancy. Revenue are willing to exempt a company from the obligation to file statements in iXBRL format where there is no activity in the accounting period. It is considered that there is no activity in the accounting period and hence a company is not required to submit accounts as part of their returns where the following conditions are meet:
• No income or expenses on the Profit and Loss account (annual CRO and audit fees can be ignored) and
• A balance sheet movement of less than EUR500 except in the first year after the company becomes dormant where a dormant company is paying off their trade creditors, and have not been previously obliged to file accounts in iXBRL format.
Note: a company that does not meet the above conditions may still request an exemption from filing their accounts from their tax district if they consider their circumstances warrant such an exemption.