Taxes Consolidation Act 1997 section 891D

Returns of payment transactions by payment settlers

Section 891D empowers the Revenue Commissioners to require payment settlement entities to file electronic returns of payment card and electronic network transactions, and sets out the reporting obligations, compliance powers and penalties that apply.

• Revenue may make regulations requiring payment settlement entities to file electronic returns of reportable payment transactions, with the earliest reportable year being 2010.
• Regulations may prescribe deadlines, return formats, transaction types, and detailed merchant information including tax reference numbers, business details, terminal data and bank account information.
• Authorised officers may enter business premises of a payment settlement entity to verify the accuracy and completeness of returns and examine compliance procedures.
• Penalties apply for failure to deliver a return or delivering an incorrect return, and a fixed penalty of €3,000 applies for obstructing an authorised officer or failing to comply with regulatory requirements.