Taxes Consolidation Act 1997 section 508Y

Information

Section 508Y sets out Revenue's powers to obtain information from qualifying companies and other persons in connection with Employment Investment Incentive relief, including notification obligations when relief is to be withdrawn and penalties for non-compliance.

• Revenue may require a qualifying company to provide evidence that the conditions for claiming and granting relief have been satisfied, and may consult with any person or body they consider may be of assistance.
• Where an event occurs requiring the withdrawal of relief, the company, any connected person with knowledge of the matter, and (where relevant) the managers of a designated or qualifying investment fund must notify a Revenue officer in writing within 60 days, with penalties of up to €4,000 for non-compliance.
• Where a Revenue officer has reason to believe relief may not be due because of arrangements or schemes involving tax avoidance or lack of bona fide commercial purpose, the officer may require written declarations and information from the persons concerned within a specified period.
• Revenue may require any person who receives a payment or asset from the company, or who holds or has held shares in the company, to disclose whether they act on behalf of another person and, if so, to provide that person's name and address.