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Corporation Tax Obligations

The Self-Assessment system applies to companies. The obligations of a company with regard to paying Corporation Tax and filing its return are as follows:

  • Compute and pay its preliminary tax liability by the relevant date
  • File its return of income within nine months of the end of the accounting period.
  • Pay any balance of tax due when filing Corporation Tax return

Consequences of Filing Late Corporation Tax Returns

  • If a company fails to submit a return on time, a surcharge will be imposed.
  • The surcharge is 5% of the tax due (up to a maximum of €12,695) in the case of a return lodged within 2 months of the return filing date, and 10% of the tax due (up to a maximum of €63,485) where the return is made more than two months after the return filing date.
  • In addition to the surcharge, there are restrictions on the use the company can make of certain reliefs and allowances in the event of the return not being lodged on time.