Republic of Ireland: Electronic Tax Deduction Card – New calculation tool for employersMonday, November 24th, 2008
Revenue has made a new electronic Tax Deduction Card (TDC) available for the use of employers. This facility helps employers maintain a complete employee deduction record of all employees’ pay, tax and PRSI details and is intended to replace the paper TDC used by some employers.
An employer need only enter the annual Tax Credit amount and Standard Rate Cut-Off Point shown on the Tax Credit Certificate into the electronic TDC to calculate an employee’s weekly or monthly amounts of Tax Credits and Standard Rate Cut-Off Point. The TDC displays the cumulative weekly Tax Credit and Standard Rate Cut-Off Point amounts for each week of the year.
The TDC can be printed or saved locally on your PC for safe storage. It is used by means of a pdf reader such as Adobe Reader. Note, however, that figures entered on the TDC are not retained by Revenue – the TDC must be saved or printed after completion.
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