Taxes Consolidation Act 1997 section 891B

Returns of certain payments made

Section 891B empowers the Revenue Commissioners, with the consent of the Minister for Finance, to make regulations requiring assurance companies, financial institutions, and government bodies to make automatic annual returns of certain payments to Revenue.

• Revenue may require specified persons — including banks, insurance companies, credit unions, An Post, and government bodies — to file returns reporting payments of interest, investment returns, and similar amounts made to their customers
• Returns must include the tax reference numbers, names, and addresses of persons receiving payments, and the reported amounts must be stated gross (before any deduction of tax)
• Penalties apply for non-compliance: up to €19,045 for failure to make a return (plus €2,535 per day of continued default), and €1,265 for failing to comply with any other requirement of the section or the regulations
• Where payments have already been reported under section 891A or Chapter 3A, they need not be reported again under this section, and a return filed under these regulations satisfies any obligation that would otherwise arise under section 891