ICAI welcomes Revenue announcement on start-up companies

The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the announcement by the Revenue Commissioners that they would apply the principle announced by Minister Cowen in the Budget on the payment of preliminary corporation tax to small companies in a start-up situation who had their first accounting period ending in 2006.

Director of Taxation ICAI Brian Keegan said: “Start-up companies with an accounting period ending in 2006 were obliged to make their preliminary tax payment approximately one month before the end of the accounting period.