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News Legislation

  Legislation

New “One Step” process for annual return deadlines introduced by CRO

The Companies (Amendment) Bill 2019 was published in January 2019 and proposes to change the Annual Return Deadlines for Irish Resident Companies. These new filing dates will directly impact every Irish company and is likely to become law in just a few months. Current ‘Two-Step’ Process Currently, there is a ‘two-step’ process for the companies to meet their reporting obligations. The annual return must be electronically filed to the CRO within 28 days of the Annual Return Date. Once this step has been completed, the company is allocated a further 28 days to submit their Financial Statements. Proposed New ‘One-Step’ Process: It is proposed to change the annual return filing deadlines to a “one-step, 56 day process”. While the new ‘one-step’ process does not provide companies with any additional time, it does allow for companies to avail of a continuous 56 day period to:
  • Electronically file the annual return,
  • Upload Financial Statements, and
  • Deliver any signature pages to the CRO.
When will the New Deadlines come into effect? It is proposed that the new system will be implemented in early 2020. This will result in a new filing software system replacing/updating the CORE platform. The CRO has also indicated that the new system will allow for digital signatures, this will speed up many of the CRO processes. How will this impact your company? The new ‘one-step’ process will allow companies a straight 56 day period to complete their filing obligations. It also means that the current 28 day deadlines will be removed, and therefore companies are less likely to incur late filing penalties. The new ‘one-step’ process aims to simplify the annual filing obligations for companies and to encourage compliance. If you are concerned about your company’s CRO obligations, please do not hesitate to contact one of our Audit & Compliance experts, they will be happy to help!  
April 2, 2019
  Legislation

Paternity Leave and Paternity Benefit – New Legislation

The Paternity Leave and Benefit Act 2016 introduced statutory Paternity Leave of two weeks together with a new Paternity Benefit.  The legislation allows new fathers to start the combined package of Paternity Leave and Paternity Benefit at any time within the first six months following birth or adoption of a child.  The provisions apply to births and adoptions on or after 1st September 2016.

This is a significant piece of legislation which recognises the key role that fathers play in the life of newborn babies and young children.

 

Who is entitled to Paternity Leave?

Only one person who is a relevant parent in relation to a child shall be entitled to Paternity Leave in respect of that child.  The Act creates an entitlement of two weeks’ Paternity Leave to be taken as one continuous period of two weeks.  In the event of multiple births, or, if a person adopts two or more children at the same time, a person who is a relevant parent in relation to the children concerned shall only be entitled to one period of paternity leave under this section in respect of the children concerned. The paternity leave of two weeks must be taken in one block.

 

Employment Rights Retained

An employee is regarded as remaining in employment during an absence on Paternity Leave, and retains all employment rights.  A key requirement of the Act will be that Paternity Leave must be used for the care of the child to which the leave relates.

 

Paternity Benefit

Paternity Benefit is a payment made to a person who is on Paternity Leave from work and covered by social insurance.  It is available in respect of any child born or placed with their adoptive parents on or after 1st September 2016.

Paternity Benefit is payable at a minimum rate of €230 per week for two weeks.

If you would like any further information on the above please do not hesitate to contact us here.

Images: Shutterstock

August 11, 2016