Revenue announce consultation for new Dividend Withholding Tax (DWT) collection system
Today (08/10/2019), as part of the Budget 2020 measures announced by the Minister for Finance, Revenue has launched a consultation for a new collection system for applying and collecting Dividend Withholding Tax (DWT). The new system will see DWT move to real-time reporting by 1 January 2021.
The objective of this new system is to ensure individuals pay the correct amount of income tax and USC on dividend income received by them at the right time. Moving to real-time reporting will reduce instances where overpayments and underpayments of tax occur and ultimately reduce the administrative cost associated with both collecting and refunding income tax and USC.
As part of the consultation process, Revenue is interested in the views of all stakeholders, shareholders, representative bodies and any other interested persons. Complementing this public consultation process, Revenue will engage directly with relevant representative bodies on DWT real-time reporting.
This public consultation process will run from 9 October to 12 December 2019. Any submissions received after this date may not be considered.
Further information on how to respond to the consultation process is available on the Revenue website at Dividend Withholding Tax (DWT) real-time reporting.