Revenue Note for Guidance

The content shown on this page is a Note for Guidance produced by the Irish Revenue Commissioners. To view the section of legislation to which the Note for Guidance applies, click the link below:

Revenue Note for Guidance

507 Reporting of relief

Summary

The Revenue Commissioners may request information from qualifying companies and the managers of designated funds in relation to the EII, and SURE schemes and may make this information available as required in connection with European Commission reporting requirements in relation to the approval of State aids.

Details

Obligation to give information

(1) A qualifying company or the manager of a designated fund, when requested by way of written notice by the Revenue Commissioners, is obliged to provide the information requested to the Commissioners in a timely manner. This information is needed for:

  • (1)(a) annual reports that must be made to the European Commission on foot of the relevant European Community Guidelines relating to State Aid promoting risk capital investments in small and medium-sized enterprises.
  • (1)(a) Publishing the following information in respect of all qualifying companies:
    1. the name of the company;
    2. the address of the company;
    3. the Companies Registration Offfice (CRO) number of the company;
    4. the amount of finance raised;
    5. the date the shares were issued and the type of relief (i.e. EII or SURE).

Waiver of secrecy

(2) The information supplied to the Revenue Commissioners in accordance with subsection (1) can be made available by the Revenue Commissioners notwithstanding the provisions of Section 851A.

Delegation

(3) The Revenue Commissioners may delegate to any of their officers any of the functions authorised by the section to be discharged by the Revenue Commissioners.

(4) The information supplied to the Revenue Commissioners in accordance with subsection (1) can be published by them notwithstanding the provisions of Section 851A

Penalties

(5) Failure by a person to provide the required information to the Revenue Commissioners will result in a penalty of €2,000 and a further penalty of €50 a day if the failure continues beyond the 30-day time limit mentioned in subsection (1).

Relevant Date: Finance Act 2019