Revenue Note for Guidance

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Revenue Note for Guidance

531AAN Obligation to keep certain records

Summary

This section sets out the obligations placed on chargeable persons and specified persons in relation to the records they are required to keep for the purposes of the defective concrete products levy.

Details

(1) Chargeable persons and specified persons are required to retain, or cause to be retained, records and linking documents to enable a full and true return, claim or declaration to be made to Revenue.

(2s) The records to be retained, both in paper and electronic form, shall include records relating to –

  • each first supply of concrete products during an accounting period including
    • invoices, delivery and purchase records,
    • specific information regarding the concrete products which will enable the identification of the types of concrete product,
    • documentation recording the open market value of the concrete products,
  • the calculation of the liability and the payment of the levy in an accounting period,
  • where applicable the document or record required under section 531AAH(3) and 531AAH(4),
  • a declaration made for the purposes of section 531AAJA, and
  • any documentary evidence that ready to pour concrete was used in the manufacture of precast concrete products.

(3) The records are to be retained in the following format –

  • in written form in an official language of the State, or
  • in electronic format, subject to the requirements of section 887(2).

(4) The books and records should be retained for a period of 6 years after the end of an accounting period in which a return has been submitted.

(5) Where a chargeable person or a specified person is a company, and the company is –

  • wound up, the liquidator, or
  • is dissolved without the appointment of a liquidator, the last directors of the company shall retain the records for 5 years from the date the company is wound up or dissolved.

(6) The executor or administrator of a deceased chargeable person or a deceased specified person shall retain records for a period of 5 years after the date of death of the chargeable person or specified person.

(7) A penalty of €3,000 for a failure to retain the necessary books and records can by imposed.

Relevant Date: Finance Act 2024