RCT – The new eRelevant tax system
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Relevant Contracts Tax (RCT) was introduced by Revenue in the early 1970s to address tax slippage in the construction industry. Between the time of its introduction and 31 December 2011 RCT legislation obliged certain defined entities (Principals) to withhold 35% of certain construction related payments, in the absence of specific paperwork
The legislation was later extended to cover certain payments to contractors in both the meat processing and forestry sectors. After 40 years in operation, it might seem that RCT would be second nature within these industries, but its obligations can still come as a surprise to many businesses operating therein.
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