Relevant contracts tax (RCT)
Relevant Contracts Tax (RCT) is a withholding tax which applies to the industries of construction, forestry and meat processing. The legislation obliges the principal contractor to retain 35% of the amount payable to contractors/sub-contractors engaged to carry out relevant operations.
RCT is a complicated tax that affects a surprising number of individuals and businesses including public and non-for-profit organisations. Failure to comply with the RCT regulations can be very expensive – the principal contractor will be liable to Revenue for 35% of the payment made to the subcontractor along with interest and penalties.
Although RCT places a heavy burden on business it can be managed relatively smoothly with the proper administration. Our expert tax specialists can look after all administrative issues regarding RCT. We can provide effective advice, answer your RCT questions and keep you informed on developments in legislation.
Our RCT services include:
- RCT compliance advice and support
- RCT systems and process reviews
- Advice and support on Revenue audits