Online System for Stamp Duty Insurance Levies
11 January 2022
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Finance Act 2021 introduced a streamlined and modernised system for the collection of stamp duties on certain insurance policies. With effect from 1 January 2022, Revenue has further enhanced its online services offering with a digital pay and file facility for Stamp Duty on lnsurance Levies (SDIL) which will be available via Revenue Online Services (ROS).
This facility will deliver online filing and payment for:
- Levies on Certain premiums of lnsurance (Non-life) (Currently Form SDCA 125)
- Contributions to the lnsurance Compensation Fund (Currently Form SDCA 125)
- Stamp Duty on Policies of lnsurance (Non-life)
- Levy on Certain Life Assurance Premiums (Currently Form SDCA 1248)
Under the old system, a filer submits a paper return electronically via email and makes a payment via EFT to a Revenue bank account. All submissions and payment must be made to the Revenue Commissioners within 25 days following the end of the calendar quarter.
With effect from Quarter 1, 2022 all tax returns and payments must now be submitted via a new ROS facility. The system will be available from March 2022. The filing dates remain unchanged and the first filing deadline for the new system will be 25 April 2022.
From Quarter 1 2022 paper statements will no longer be accepted for any filings, and payments should no longer be made via EFT.
How BDO Ireland can help?
Our team of experts can provide assistance with the transition.
Our service offering:
- Registration for Revenue Online Service (ROS)
- Engagement with client to ensure correctness of returns
- Submission of quarterly returns
- Processing of tax payments
- Ensuring a high quality service delivery
- Transparency for first time ROS users
- Support by email and phone as required
Q4 2021 is the final period for which paper returns will be accepted. It is important that filers take action now so that they are prepared for the introduction of the new online system.