906A Information to be furnished by financial institutions.
(1) In this section and in
>sections 907 and 908<—
“the Acts” has the meaning assigned to it by section 1078(1);
“authorised officer” means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section, or, as the case may be,
>section 907 or 908<;
“books, records or other documents” includes—
(a) any records used in the business of a financial institution, or used in the transfer department of a financial institution acting as registrar of securities, whether—
(i) comprised in bound volume, loose-leaf binders or other loose-leaf filing system, loose-leaf ledger sheets, pages, folios or cards, or
(ii) kept on microfilm, magnetic tape or in any non-legible form (by the use of electronics or otherwise) which is capable of being reproduced in a legible form,
(b) every electronic or other automatic means, if any, by which any such thing in non-legible form is so capable of being reproduced,
(c) documents in manuscript, documents which are typed, printed, stencilled or created by any other mechanical or partly mechanical process in use from time to time and documents which are produced by any photographic or photostatic process, and
(d) correspondence and records of other communications between a financial institution and its customers;
“connected person” has the same meaning as in section 10; but an individual (other than in the capacity as a trustee of a settlement) shall be connected with another individual only if that other individual is
>the spouse of or a minor child of the first-mentioned individual<;
“deposit” and “interest” have, respectively, the meaning assigned to them by section 256(1);
“financial institution” means
(a) a person who holds or has held a licence under section 9 of the Central Bank Act, 1971, and
(b) a person referred to in section 7(4) of that Act;
“liability” in relation to a person means any liability in relation to tax to which the person is or may be, or may have been, subject, or the amount of such liability;
“tax” means any tax, duty, levy or charge under the care and management of the
(2) Notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed by or under statute or otherwise, and subject to this section, an authorised officer may, for the purpose of enquiring into a liability in relation to a person (in this section referred to as the “taxpayer”), serve on a financial institution a notice in writing requiring the financial institution, within such period as may be specified in the notice, not being less than 30 days from the date of the service of the notice, to do either or both of the following, namely—
(a) to make available for inspection by the authorised officer such books, records or other documents as are in the financial institution’s power, possession or procurement and as contain, or may (in the authorised officer’s opinion formed on reasonable grounds) contain, information relevant to a liability in relation to the taxpayer,
(b) to furnish to the authorised officer, in writing or otherwise, such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability,
and which are specified in the notice.
(3) Where, in compliance with the requirements of a notice under subsection (2), a financial institution makes available for inspection by an authorised officer, books, records or other documents, it shall afford the authorised officer reasonable assistance, including information, explanations and particulars, in relation to the use of all the electronic or other automatic means, if any, by which the books, records or other documents, in so far as they are in a non-legible form, are capable of being reproduced in a legible form and any data equipment or any associated apparatus or material.
(4) An authorised officer shall not serve a notice on a financial institution under subsection (2) without the consent in writing of a Revenue Commissioner and without having reasonable grounds to believe that the financial institution is likely to have information relevant to a liability in relation to the taxpayer.
(5) Without prejudice to the generality of subsection (2), the books, records or other documents which a financial institution may be required by notice under that subsection to deliver or to make available and the information, explanations and particulars which it may likewise be required to furnish, may include books, records or other documents and information, explanations and particulars relating to a person who is connected with the taxpayer.
(6) The persons who may be treated as a taxpayer for the purposes of this section include a company which has been dissolved and an individual who has died.
(7) A notice served under subsection (2) shall name the taxpayer in relation to whose liability the authorised officer is enquiring.
(8) Where an authorised officer serves a notice under subsection (2),
>a copy of such notice shall be given by the authorised officer to >the taxpayer concerned.< >the taxpayer concerned<—<
(9) Where, in compliance with a notice served under subsection (2), a financial institution makes books, records or other documents available for inspection by an authorised officer, the authorised officer may make extracts from or copies of all or any part of the books, records or other documents.
(10) A financial institution which fails or refuses to comply with a notice issued under subsection (2) or which fails or refuses to afford reasonable assistance to an authorised officer as required under subsection (3), shall be liable to a penalty of
and, if the failure or refusal to comply with such notice continues after the expiry of the period specified in the notice served under subsection (2), a further penalty of
for each day on which the failure or refusal continues.