FSS Update

Reporting of part time and overtime in FSS documents as from 01/01/2022

Following the Government Budget for 2022, employers are to make sure to conform with the changes announced concerning the emoluments and tax of part time qualifying income and overtime.

Tax on part time qualifying income is to be updated to 10%, where the part time tax to be reported on such emoluments cannot be more than €1,000.

Any additional emoluments and tax are to be reported as ‘main’.

The maximum qualifying overtime emoluments cannot be more than €10,000 with the relative maximum 15% tax on overtime being €1,500.

Any non-qualifying overtime or amounts in excess of the €10,000 threshold must be reported and brought to charge under the Main Deduction Method.

The reporting of the qualifying overtime hours in FS3 forms is to stand. However, as from 01/01/2022, the current limit of 100 hours will be removed.

Social Security and Maternity Fund Contributions rates

The rates applicable from 01/01/2022 are available here.

FSS documents and Electronic Lodgement Specifications

Employers must ensure that they are using the latest FSS documents and not outdated forms.

The Electronic Lodgement Specifications have been updated as well to reflect the afore-mentioned changes.