Companies Act 2014 section 1455

Exemption from preparation where company is subject to equivalent reporting requirements

Section 1455 exempts company directors from preparing an entity payment report where the company is already subject to equivalent reporting requirements that capture the same information.

• Directors are not required to prepare a separate entity payment report if the company is already subject to equivalent reporting requirements elsewhere.
• The exemption applies only where the company's payments to governments are actually included in a report prepared under those equivalent requirements.
• Both conditions must be met: the company must be subject to equivalent requirements, and its payments must be captured in the resulting report.
• The purpose is to avoid duplication of effort where the same payment information is already being reported under a comparable regime.