696K Returns

(1) Returns must be on forms approved by the Revenue Commissioners.

(2) Returns must be submitted at the same time as the annual corporation tax return (CT1), and show breakdowns of field costs and gross revenue for each field, as well as the petroleum production tax payable in respect of each field. The Revenue Commissioners may also require that additional information be provided on the form.

(3) Returns will be filed electronically (i.e. via ROS).

(4) An officer of the Revenue Commissioners may seek clarification of details submitted on the return.

(5) A person shall not be required to file a return for a chargeable period on an earlier date than the specified return date for the chargeable period. A certificate, signed by an officer of the Revenue Commissioners stating that, based on the relevant records that have been examined, the person did not file a return, shall be evidence of such unless proven to the contrary.

(6) & (7) Penalties apply for the failure to make returns and the filing of incorrect returns.

Relevant Date: Finance Act 2021