Taxes Consolidation Act 1997 section 600S

Reporting of relief by qualifying companies

Section 600S sets out the reporting obligations of a qualifying company that issues shares in respect of which investors may claim relief under section 600M, and the penalties for non-compliance.

• A qualifying company must include details of the qualifying investment in its Part 41A return and is deemed a chargeable person for that accounting period.
• Within four months after the end of the year of assessment in which the shares were issued, the company must electronically provide Revenue with specified information for GBER annual reporting and for administration of the relief.
• Revenue may furnish the GBER-related information to the person submitting the annual reports and must publish certain details of all qualifying companies, including company name, address, CRO number, finance raised and share issue date.
• A company that fails to comply is liable to a penalty of €2,000 and, if the failure continues, a further penalty of €50 for each day the failure continues.