817REA Revenue Powers

Summary

Section 817REA sets out Revenues powers relevant to DAC6. This section provides the Revenue Commissioners with powers of enquiry, into compliance by intermediaries and taxpayers, with their obligations under DAC6. This section also provides, that the Revenue Commissioners, may access data collected for anti-money laundering and terrorist financing reasons, when enquiring into transactions, that involve obscuring the beneficial ownership of assets or avoiding reporting obligations.

Details

(1) An authorised officer may enter a premises of an intermediary or a relevant taxpayer, to check if the returns which were due to be filed, were filed and were accurate. Where an intermediary does not file information because they were subject to legal professional privilege, Revenue’s power is limited to checking that the intermediary correctly advised the relevant taxpayer of their obligation to file.

(2) Under subsection (1), Revenue can then use that information to go to the relevant taxpayer’s premises and ensure that they complied.

(3) Where Revenue are looking into compliance with Hallmark D, this subsection provides that an authorised DAC officer may access the wider anti-money laundering documentation referred to in DAC5.

(4) For the purposes of looking into compliance with Hallmark D -

(a) an authorised DAC officer may access the three beneficial ownership registers which are the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies, the Central Register of Beneficial Ownership of Irish Collective Asset-management Vehicles, Credit Unions and Unit Trusts and the Central Register of Beneficial ownership of Trusts, and

(b) may by notice in writing request anti-money laundering information (including copies of any relevant books, records or other documents) from designated persons, as is relevant to the compliance with Chapter 3 of Part 4 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.

(5) Designated persons must be given not less than 14 days to provide the information requested.

(6)(a) Where an authorised DAC officer accesses any of the registers referred to in subsection (4)(a), the beneficial owner will be notified of this access in writing at that time or as soon as practicable thereafter, where the beneficial owner can be identified. Otherwise the authorised DAC officer will notify the beneficial owner as soon as practicable after the identity of the beneficial owner has been established.

(6)(b) Where an authorised DAC officer requests information from a designated person, the beneficial owner concerned will be notified in writing and by name. This notice will be given at that time, or as soon as practicable thereafter, where the beneficial owner is known otherwise as soon as practicable after the identity of the beneficial owner becomes known.

(7) The Data Protection Act 2018 shall apply to the access that this section gives to an authorised DAC officer regarding information in the registers referred to in subsection (4)(a) and the information referred to in subsection (4)(b).

(8) The three Registrars referred to in subsection (4)(a) must allow an authorised DAC officer timely access to their registers.

(9) An authorised DAC officer may require a designated person to provide any additional information, explanations and particulars and to give all assistance, for the purpose of inspecting the information delivered to him or her under subsection (4)(b).

Relevant Date: Finance Act 2021