Humphreys welcomes decision not to change pay and file deadlines

Deputy Heather Humphreys, has welcomed the decision by the Minister for Finance, Michael Noonan TD, not to introduce any changes to the pay and file tax regime for 2014.

The Fine Gael TD for Cavan/Monaghan is a member of the Oireachtas Committee on Finance, Public Expenditure and Reform. Speaking on the matter, Deputy Humphreys said the decision will be welcomed by small businesses in Cavan-Monaghan and around Ireland.

'These businesses do not have the means to pay earlier and had the pay and file deadline been brought forward, as had been suggested, it would have created cash flow difficulties for businesses.

“There had been speculation that the Pay and File Taxation deadline would be moved from 31st October to 30th June to correspond with the earlier budget date (15th October). Following a number of representations on the matter and as Chair of the internal Fine Gael Finance Committee, I arranged for a delegation from the Irish Tax Institute which included Mark Redmond, Chief Executive, Cora O’Brien, Policy Director and Olivia Buckley, Communications Director, to meet with the Fine Gael Parliamentary Party members on this issue.

“The delegation outlined the negative impact it would have on SMEs, particularly in terms of cash flow pressure on businesses that are already stretched financially. It makes sense to maintain the pay and file deadlines. Projected tax figures have been very accurate to date and the tax system for the self-employed currently works well with 98% compliance.

“I am pleased with the results of the consultation process between the tax industry and members of the Oireachtas in recent weeks and I am satisfied that the decision not to introduce any changes to the Pay and File dates in 2014 will allow time for further discussions and consultation on this important issue,” concluded Deputy Humphreys.