The “Public Consultation Paper on PAYE Modernisation” was published by Revenue on 11 October 2016 and provided for the following:
- Employers will update and report employee pay and deduction details to Revenue as they are being paid;
- Revenue will have up-to-date pay and deductions details and will carry out automatic reconciliations of employees' tax position at intervals during the year;
- Revenue can then provide employers with accurate information on the amount of tax to be deducted;
- Employers can, in turn, deduct the right amount of tax from each employee on each pay day.
Revenue invited all key stakeholders, particularly employers and pension providers, to respond to the consultation. The deadline for making submissions was 12 December 2016.
Mazars response to the consultation can be found below.