1004 Unremittable income

Summary

This section provides that the Revenue Commissioners may postpone payment of income tax or corporation tax in respect of income arising abroad where the income cannot be remitted to the State due to restrictions in force in the country where the income arises.

Details

Definition

(1) “particular income” is income arising from outside the State which is, or which is included in, the amount on which income tax or corporation tax is computed.

Application

(2) This section applies where income tax or corporation tax is charged by assessment for any period and the tax has not been paid.

Postponement of payment

(3) The Revenue Commissioners may allow the postponement of payment of income tax or corporation tax in respect of particular income if the taxpayer shows to the satisfaction of the Commissioners that the income cannot be remitted to the State owing to legislation or governmental action in the country in which the income arises.

Information

(4) The Revenue Commissioners may call for any information they consider necessary for the purposes of the administration of this section.

Appeals

(5) A person who is dissatisfied with a decision of the Revenue Commissioners as to whether they are satisfied that particular income cannot be remitted to the State has a right to appeal to the Appeal Commissioners by way of notice in writing. An appeal must be made within 30 days after the date of the notice the decision.

Relevant Date: Finance Act 2021