Taxes Consolidation Act 1997 section 696E

Returns (Chapter 3)

Section 696E requires companies carrying on petroleum activities under licences granted on or after 1 January 2007 to file a detailed return of profit resource rent tax information alongside their annual corporation tax return.

• A "prescribed form" means a form approved by Revenue, including forms delivered electronically (e.g. via ROS).
• The return must be filed at the same time as the company's corporation tax return and must detail cumulative field expenditure, cumulative field profits, a breakdown of those amounts, and any profit resource rent tax payable for each field.
• A Revenue officer may make enquiries or take actions to verify the accuracy of the information provided in the return.
• Penalties under section 1052 apply where a company fails to deliver the required return or to provide requested details.