Revenue Note for Guidance

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Revenue Note for Guidance

739FA Electronic account filing requirement

Summary

This section is an enabling provision. It authorises the Revenue Commissioners to make regulations, with the consent of the Minister for Finance, to require an investment undertaking or where the investment undertaking is an umbrella scheme, a sub-fund of that scheme to electronically provide Revenue with annual financial statements.

Details

(1) “electronic means” includes electrical, digital magnetic, optical, electromagnetic, biometric, photonic means of transmission of data and other forms of related technology used to transmit data.

(2) The Revenue Commissioners are authorised to make regulations, having obtained the consent of the Minister for Finance, to provide for an investment undertaking or where the investment undertaking is an umbrella scheme, a sub-fund of that scheme to provide to Revenue, via electronic means, annual financial statements.

(3) The matters which may be included in the regulations are (it is to be noted that the provision is permissive rather than mandatory):

  • Defining the persons to which the regulations apply.
  • Setting the date by which the financial statements are required to be submitted.
  • Prescribing the electronic means by which the financial statements are to be delivered.
  • Setting out the format in which the financial statements are to be delivered.
  • Providing for supplemental and incidental measures needed to allow persons to fulfil their obligations and for the general administrative and implementation of the regulations.

(4) A penalty is provided for a failure to comply with the requirements of this section or regulations made under this section, the penalty applicable is €1,520.

(5) Regulations made under this section are to be laid before Dáil Éireann and to be annulled if a resolution to this effect is passed by Dáil Éireann.

Relevant Date: Finance Act 2020