Revenue has published a range of preliminary statistics on PAYE for 2022, including information on 2022 Income Tax returns filed to date and the end of year tax position for PAYE taxpayers yet to file.
Employees should now be able to access their Preliminary End of Year Statement for 2022 (“the Statement”) through myAccount. The Statement is based on income and statutory deductions reported by employers, pension providers and the Department of Social Protection. The Statement will indicate whether the correct amount of tax has been paid in 2022. To obtain a final Statement of Liability, employees must complete an income tax return, returning details of additional income, allowable reliefs, and/or available credits (if any).
Commenting on income tax returns for 2022 filed to date, Ms. Aisling Ní Mhaoileoin, Revenue’s National PAYE Manager, said:
“Over 370,000 tax returns have been processed in respect of PAYE taxpayers who have already filed their return for 2022, this is up over 30 percent on the same period last year. Approximately 275,000 of these returns resulted in an overpayment of tax and €193 million has already been refunded to individuals’ bank accounts as a result.
The major difference for 2022 is the introduction of the Rent Tax Credit in the Budget. Unlike usual Budget tax credit changes which apply for the following year, this credit applies retrospectively for 2022 and can be claimed on an Income Tax return for the tax year 2022. The value of the credit is up to €500 per year for individual taxpayers and up to €1,000 per year for jointly assessed married persons or civil partners. Of the 2022 tax returns received to date, approximately 78,400 claims have been made in respect of rent tax credit. In addition, we expect that from mid-February, customers will be able to claim Rent Tax Credit for 2023 in real-time through the ‘Manage Your Tax’ option in myAccount.”