Taxes Consolidation Act 1997 section 111AAZ

Obligation to keep certain records

Section 111AAZ sets out the record-keeping obligations for entities within the scope of the GloBE rules, including what records must be kept, how they must be stored, and for how long.

• Entities must retain all records needed to prepare a full and true GloBE return and a correct and complete top-up tax information return, including books, accounts, documents, and any related data.
• Records must be kept in an official language of the State, either in written form or by electronic, photographic, or other means in accordance with the requirements of section 887(2).
• Records must be retained for the longer of the period until Revenue enquiries are completed, or six years from the end of the relevant fiscal year; where the entity is wound up or dissolved, the liquidator or last directors must retain records for five years from that date.
• Failure to comply with the record-keeping requirements carries a penalty of €10,000, and Revenue has statutory powers under sections 900 and 901 to inspect and enquire into the relevant records and returns.