Taxes Consolidation Act 1997 section 959AN

Obligation to pay preliminary tax

Section 959AN requires every chargeable person to pay preliminary tax to the Collector-General for each chargeable period and sets out how the amount of that preliminary tax is determined.

• Every chargeable person must pay preliminary tax to the Collector-General for each chargeable period.
• The amount of preliminary tax is the amount which, in the taxpayer's own opinion, is likely to become payable under a self assessment or a Revenue assessment for the period.
• Preliminary tax paid and not refunded is treated as a payment on account of the tax due for the chargeable period.
• A new company whose expected tax liability for its first accounting period does not exceed €200,000 is deemed to have a nil preliminary tax obligation for that period.