Revenue Note for Guidance
This section enables the Revenue Commissioners to audit returns and examine procedures in connection with the special savings incentive scheme which is provided for in Part 36A. This is to ensure that the provisions governing various aspects of that scheme are operated in a proper manner.
(1) “authorised officer” means a person authorised in writing by the Revenue Commissioners to exercise the powers conferred by this section.
“qualifying savings manager” and “special savings incentive account” are defined by reference to their meanings in section 848B.
An authorised officer may enter, at all reasonable times, any premises or place of business of a qualifying savings manager or a person appointed by a qualifying savings manager, for the purpose of auditing compliance with the provisions of Part 36A, that is, the scheme for special savings incentive accounts. The audit procedures can include—
(3) The authorised officer can require the qualifying savings manager, the appointed person or their employees to produce records, to give information and explanations and to afford reasonable assistance in carrying out his or her duties.
(4) An employee of a qualifying savings manager/appointed person is liable to a penalty of €1,265 for failure to comply with the requirements of an authorised officer in the exercise or performance of his or her powers or duties.
(5) Where the qualifying savings manager or the appointed person fails to comply, the penalty is €19,045 with a further penalty of €2,535 for each day that the failure continues.
Relevant Date: Finance Act 2019