Taxes Consolidation Act 1997 section 508E

Reporting of relief by qualifying companies

Section 508E sets out the reporting obligations of a qualifying company that has received a qualifying investment under the Employment Investment Incentive, including what information must be provided to the Revenue Commissioners and the penalties for non-compliance.

• A qualifying company must include details of the qualifying investment in its corporation tax return for the accounting period in which the eligible shares were issued, and the company is treated as a chargeable person for self-assessment purposes for that period.
• Within four months after the end of the year of assessment in which the shares were issued, the company must provide Revenue electronically with information required for annual reports under the General Block Exemption Regulation, including the company's name, address, CRO number, the amount of finance raised, the date of the share issue and the type of relief, together with each investor's name, address, PPS Number and the amount of the relevant investment.
• Despite its normal obligation to keep taxpayer information confidential, Revenue may supply the information to the person preparing the GBER annual reports and must publish the name, address and CRO number of all qualifying companies along with the amounts raised, the date of the share issue and the type of relief.
• A company that fails to comply with its reporting obligations under this section is liable to a penalty of €2,000, with an additional penalty of €50 for each day the failure continues after the filing date under the self-assessment rules, or after 30 days, as appropriate.