Taxes Consolidation Act 1997 section 1074

Penalties for failure to give notice of liability to corporation tax

Section 1074 imposes penalties on a company and its secretary where the company fails to notify Revenue of its liability to corporation tax as required by section 883.

• A company must notify Revenue within 30 days of commencing business and, where no return has been filed, within one year of the end of any accounting period in which it is chargeable to corporation tax.
• A company that fails to give the required notice is liable to a penalty of €4,000.
• If the failure continues after a court judgment has been obtained, a further penalty of €60 per day applies for each day the default continues.
• The company secretary is liable to a separate penalty of €3,000.