Finance Act 2012 inserted a new section 891D into the Taxes Consolidation Act 1997 to allow the Revenue Commissioners to make Regulations requiring returns of payment transactions by payment settlers. Regulations (S.I. No. 324 of 2012) have now been made which require financial institutions that process debit and credit card transactions to make returns of information to the Revenue Commissioners.

The Regulations provide that returns are required for all years from 2010. In relation to the years 2010, 2011 and 2012, the returns are due no later than 30 April 2013. For subsequent years, returns are due no later than 30 April following the end of the year concerned. The information to be included in the returns relates to the value of debit and credit card transactions processed on behalf of merchants.

The Regulations (S.I. No. 324 of 2012) are reproduced on here.