This sets out the arrangements for refund of PRSI paid on certain share-based remuneration. These arrangements may also be availed of in respect of PRSI incorrectly deducted and remitted in the 2011 tax year, on employer contributions to their employees’ Personal Retirement Savings Accounts (PRSAs).
Tuesday, August 23, 2011
Press Release on SHARE BASED REMUNERATION
The Minister for Social Protection, Joan Burton T.D., today (23rd August) announced that employers should cease deducting and remitting employer PRSI on share-based remuneration, with immediate effect. The previous Government imposed employer and employee PRSI on all share-based remuneration. As part of this Government’s Jobs Initiative announced in May of this year, it was decided to abolish the employer element of PRSI on share-based remuneration entirely. This decision recognises that this charge on employers needlessly increased the costs of doing business in Ireland and has the potential to negatively affect current employment levels and future investment decisions. As some employers may have continued to deduct employer PRSI on share-based remuneration, it has been agreed, in consultation with the Minister for Finance, to provide this clear indication of the Government’s commitment to alleviating the unnecessary costs to employers.
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