7. Records to demonstrate breakdown of expenditure

(1) The records which a producer company shall provide to the Revenue Commissioners in relation to a qualifying film when requested to do so shall include a breakdown of expenditure to show —

(a) qualifying expenditure,

(b) the total cost of production,

(c) the eligible expenditure, broken down by the amount of money expended:

(i)on the employment of eligible individuals,

(ii)on the provision of eligible goods, services and facilities, and

(iii)the amount of money expended otherwise than in accordance with subparagraphs (i) or (ii),

(d) full production accounts, and

(e) details of any transactions with a member of the film group.

(2) The records which a producer company and a qualifying company must have available, prior to making a claim under section 481(2G)(b)(i) of the Act of 1997, should be prepared in the form set out in Schedule 2 and include:

(a) signed and fully executed finance agreements,

(b) (i) bank statements demonstrating that an amount not less than 68% of the amount on which the film corporation tax credit is based has been lodged in accordance with section 481(2A)(b)(vii)(II) of the Act of 1997, and details of any charges or liens over that amount, or

(ii) a certificate from the Broadcasting Authority of Ireland (as established by the Broadcasting Act 2009), the Irish Film Board (as established by the Irish Film Board Act 1980), or equivalent bodies established in an EEA state, confirming that the body’’s requirements in relation to the financial and other arrangements for the film have been fulfilled to the extent that the body has agreed to release its production funding to the producer company in relation to the qualifying film, where the due diligence procedures performed by the body, prior to its issuing the certificate, have been approved by the Revenue Commissioners,

(c) the production budget broken down to show eligible expenditure, and where the eligible expenditure is greater than 50% of the total cost of production, also the total cost of production, and

(d) signed production, financing, distribution, or sale of the film agreements, where relevant.

(3) The records which a producer company and a qualifying company must have available in addition to those set out in paragraph (2), prior to making a claim under section 481(2G)(b)(ii) of the Act of 1997, should be prepared in the form set out in Schedule 3, and should include:

(a) any records necessary to ascertain compliance with the conditions of the Minister’’s certificate,

(b) the books of first entry, including a cash receipts book, purchases day book, cheque payments book, creditors ledger and petty cash book,

(c) trial balance, all ledgers and journals to which all transactions are posted,

(d) the back-up documentation from which the books of first entry were completed, including —

(i) suppliers’’ invoices, credit notes, statements and delivery notes,

(ii) cheque stubs and petty cash vouchers, and

(iii) bank statements and correspondence including those items verifying lodgements into bank accounts and transfers out of such accounts;

(e) linking documents, including documents drawn up in the making up of accounts and showing details of the calculations linking the records to the accounts.

(4) Nothing in these regulations restricts the level of documentation the Revenue Commissioners may require to determine compliance with section 481 of the Act of 1997.