Revenue Note for Guidance

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Revenue Note for Guidance

172I Statement to be given to recipients of relevant distributions

Summary

This section provides that every company which makes relevant distributions, and every authorised withholding agent which is treated as making relevant distributions, must give each recipient of such a distribution a statement showing certain details in relation to the distribution. The statement can be provided either in writing or with regard to relevant distributions and declarations made on or after 3 April 2010 if the recipient or intermediary consents in an electronic format (“electronic communications”). Revenue eBrief No. 26/10 of 14 April 2010 provides further information with regard to this provision.

Details

(1) Every Irish resident company which makes a relevant distribution, and every authorised withholding agent which is treated as making a relevant distribution, is required to give each recipient of such a distribution a statement in writing, or with regard to relevant distributions and declarations made on or after 3 April 2010 by means of electronic communications, showing the following details in relation to the distribution —

  • the name and address of the company making the distribution,
  • if an authorised withholding agent is involved, the name and address of that agent,
  • the name and address of the person to whom the distribution is made,
  • the date the distribution is made,
  • the amount of the distribution, and
  • the amount of the DWT (if any) deducted from the distribution.

(1A) The requirement to furnish the statement under subsection (1) can be satisfied in the case of a statement that is delivered electronically to an intermediary or the recipient of a relevant distribution, provided that the following conditions are met:

  • the statement delivered to an intermediary must contain the codes and unique number, as defined in section 172A(1)(a) for electronic vouchers. It must also have the date the distribution is made, the amount of the distribution and the amount of DWT (if any) deducted from the distribution.
  • the intermediary or the recipient of the relevant distribution has consented to the delivery of the statement by electronic delivery and has not withdrawn that consent, and
  • the Revenue Commissioners have agreed to accept the statement for the purposes of this Chapter.

(2) The requirement to furnish the statement under subsection (1) can also be satisfied by including the information required on the dividend counterfoil issued in accordance with section 152(1).

(3) A person who fails to comply with subsection (1) is liable to a penalty of €200 for each offence, subject to a maximum penalty of €2000 in respect of offences connected with any one distribution of dividends.

Relevant Date: Finance Act 2019