Irish Revenue offers advice on tagging errors
Revenue, Ireland’s tax and customs agency, requires financial statements to be submitted in Inline XBRL (iXBRL) as part of corporate tax returns. It has updated its iXBRL Tax and Duty Manual with a new section on tagging errors in iXBRL submissions, highlighting the most common errors seen for taxpayers, their agents and software vendors.
“Generally, tagging should reflect what can be read in the ‘human-readable’ Financial Statements,” explains the manual. “While most iXBRL submissions achieve this, some contain tagging errors which can cause large distortions of the financial information that Revenue relies upon when assessing an entity’s tax risk.” In turn, this can lead to unnecessary compliance interventions and associated costs for businesses.
The new section covers currency, sign and scale errors, as well as other general errors and reminders. We enjoyed the clear explanations and illustrative examples for each tagging error. Materials like these developed by supervisors can be a really useful resource for those involved in the filing process, and help to significantly improve data quality, particularly early in the digital learning curve.