Revenue eBrief No. 087/20
19 May 2020
Update - Public Consultation on Dividend Withholding Tax (DWT) – Real-Time Reporting
On 8 October 2019, the Minister for Finance announced changes to Dividend Withholding Tax (DWT) on dividends and distributions made by Irish resident companies. The objective of these changes is to ensure individuals pay the correct amount of Income Tax and USC on dividend payments at the right time.
Having regard to the scale of the challenge facing the industry in preparing for the transfer of the Irish equities market to a new settlement system by March 2021, feedback obtained through the consultation and engagement processes with stakeholders, as well as being cognisant of the many challenges in the current environment (due to COVID-19), Revenue has decided to postpone the introduction of the DWT real-time reporting changes that were planned for January 2021.
Revenue will engage with stakeholders in advance of the resumption of the change management programme and will ensure that adequate time is allocated to the delivery of any development work associated with DWT real-time reporting.
Revenue intends to publish the outcome of the consultation held with stakeholders during late 2019/early 2020 in due course.