891D Return of payment transactions by payment settlers

Summary

This section allows the Revenue Commissioners to make regulations to require merchant acquirers and other payment settlement entities to make returns of transactions.

Details

Definitions

(1) Definitions are given for the purposes of this section which are self explanatory.

Regulations

(2) The Revenue Commissioners may make regulations to cover returns under this section. The earliest year in respect of which a return may be required is 2010 and there is provision for including tax reference numbers on the return.

(3) The information that can be included in a return that is required includes:

1. the due date for making the return,
2. specifying how the return will be made,
3. the type of reportable transactions to be included in the return (Note: It is envisaged that separate Regulations may be made for payment cards and electronic payment organisations),
4. requiring merchant acquirers to seek business taxpayers tax reference numbers,
5. requiring business taxpayers to provide their tax reference numbers to merchant acquirers,
6. specifying the information to be included in the return, to include-
   1. the account/reference number of the client,
   2. the type of business / service of the business,
   3. information on the terminals,
   4. the bank account information.

(4) There is an obligation on the payment settler to obtain tax reference numbers from business taxpayers, and where the tax reference number is a PPS number, that number may not be used for any purpose other than inclusion in a return in accordance with this section.

Audit

(5) Audit of a return by a merchant acquirer will be carried out on a similar basis to that applying to other third party returns.

Penalties

(6) Penalties apply-

1. for failing to deliver a return or delivering an incorrect return, and
2. for restricting an authorised officer or failing to comply with the Regulations.

Relevant Date: Finance Act 2019