Revenue Note for Guidance

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Revenue Note for Guidance

CHAPTER 2

Corporation tax: returns of profits

Overview

This Chapter provides for the making of certain returns by companies for corporation tax purposes. The returns in question are —

Reference should be made to section 951 as regards the obligation to make a return of income for Self Assessment purposes.

Reference should also be made to Part 47 for details of penalties for failure to make certain returns and penalties for fraudulently or negligently making incorrect returns, etc. Part 47 also contains provisions imposing a surcharge for the late submission of returns (section 1084), the restriction of certain claims for relief where a return is submitted late (section 1085) and for the publication of names of tax defaulters, including companies which have been successfully prosecuted for failure to make a return (section 1086),

882 Particulars to be supplied by new companies

Summary

The section obliges companies which are either incorporated in the State or carrying on business in the State, to furnish information. The information must be returned automatically within 30 days of commencing to carry on business in the State and within 30 days of any material change in information already given under the section. In addition, if an inspector requests information under the section it must be supplied within 30 days of the request.

The information which must be supplied includes the name and address of the company, its place of business and the nature of the company’s business. Where an Irish incorporated company is not tax resident in the State, it must say where it is tax resident.

A company which is not Irish incorporated and is not tax resident in Ireland but which is carrying on a trade, profession or business in the State must identify its representative in the State.

Details

Definitions

(1) “secretary” is defined as including a treasurer, auditor or receiver of certain bodies of persons and the representative or agent of a company which is not Irish tax resident.

“settlor” and “settlement” take their meanings from section 10, settlor meaning any person by whom a settlement was made directly or indirectly.

“tax” (defined in the context of a company being resident for “tax” purposes in a territory other than the State) means tax corresponding to income tax or corporation tax.

“ultimate beneficial owners” in relation to a company are the individuals who control the company, i.e. the individuals who control the shares, voting rights or entitlement to distributions of dividends or assets on a winding up. In a situation where the person who controls a company does so in the capacity of the trustee of a trust it is necessary to look through the trust to a settlor or beneficiary or anybody who can reasonably expect to become a beneficiary of the trust under any scheme or arrangement.

“control” is construed in accordance with section 432.

Time limit for supply of information

(2) The information required from an Irish incorporated company, or a company which commences to carry on a trade in the State, must be supplied within 30 days of —

  • (a) the company commencing to carry on a trade, profession or business, wherever it is carried on,
  • (b) there being a material change in information already furnished under this section, and
  • (c) a notice requiring information is given to the company by an inspector.

Information to be furnished

(i) Every company incorporated in the State or which commences business in the State must furnish details of —

  • (I) its name,
  • (II) the address of its registered office,
  • (III) the address of its principal place of business,
  • (IV) the name and address of its secretary,
  • (VI) the nature of its trade, profession or business,
  • (V) the date of commencement of the trade, profession or business,
  • (VII) its accounting date, and
  • (VIII) any other information which the Revenue Commissioners consider necessary for the purposes of the Tax Acts.

(ii) Companies which, although incorporated in the State, are not resident in the State must also furnish details of —

  • (I) the country of residence for tax purposes,

(iii) Companies which are neither incorporated nor resident, but which carry on a business, in the State must furnish details of —

  • (I) the address of the company’s principal place of business in the State,
  • (II) the name of the company’s representative, and
  • (III) the date of commencement of the company’s trade, profession or business in the State.

Notification to Companies Office

(3) The Revenue Commissioners are permitted to advise the registrar of companies where a company has failed to fulfil its obligation to provide information.

Application of the rules

The information obligations apply —

  • to companies incorporated on or after 11 February, 1999, as on and from that date, and
  • to companies incorporated before that date, from 1 October, 1999.

Relevant Date: Finance Act 2021