The Irish Revenue Commissioners has introduced an identification system for building projects that will give the organisation more oversight over the construction sector. Following the announcement, Donseed has tailored their reporting facility within their biometric workplace management system to automatically create the reports required by the Revenue.
Companies are now obliged to register a Site Identification Number and all those associated with activity at it when they start a new project.
Under the system Revenue can identify individual sites and monitor all activities and payments related to any projects at that site, allowing it to assess how much tax those working on individual construction projects should be liable to pay.
The Head of accountants BDO Ireland’s VAT and Relevant Contracts Tax Practice, Ivor Feerick, said the new system means that tax authorities will have “an in-depth view of all construction contracts pertaining to each specific site”.
He added: “This will allow a more in-depth analysis by Revenue of the payroll tax, VAT and corporation [and] income tax likely to emanate from each project as the site specific detail will facilitate a holistic approach to each project that a principal undertakes.
“Ollie McGovern, CEO at Donseed adds: “The Irish authorities want to keep a much closer eye on individual construction projects and it could mean a lot more paperwork for many companies. However, as our systems record all time and attendance data through biometric hardware that links to payroll and other internal systems, a lot of the data is already in existence. Therefore we have developed the functionality to create automated report that firms can easily pull off for the authorities, allowing construction forms to focus on the project itself.”