Taxes Consolidation Act 1997 section 111AAU

Revenue assessment

Section 111AAU defines what a Revenue assessment is in the context of GloBE tax and sets out what it must contain, including the tax due, the net balance after payments, any applicable surcharge, and the effect on any prior self-assessment.

• A Revenue assessment is an assessment of GloBE tax made by a Revenue officer for a fiscal year, covering the total tax payable and the net balance after any direct payments to the Collector General.
• The net balance takes into account both amounts still due and any overpayments that may be available for offset or repayment by the Revenue Commissioners.
• Where a surcharge applies under section 111AAX, it must be included in the Revenue assessment.
• Once a Revenue officer makes a Revenue assessment, any self-assessment previously made by the entity for that fiscal year is treated as void for the purposes of determining the entity's tax liability.