Taxes Consolidation Act 1997 section 898N

Audit

Section 898N sets out the powers of Revenue to audit paying agents and their associated companies in order to verify the correctness and completeness of reports made under the EU Savings Directive provisions.

• Revenue may issue a written notice requiring a paying agent to provide information and copies of records within a minimum of 14 days, and failure to comply attracts a penalty of €1,265.
• An authorised officer may enter a paying agent's premises at any reasonable time to determine whether reports were correct and complete, and whether any unreported information was correctly excluded.
• Authorised officers may examine compliance procedures, sample accounts and transactions, require the production of books, records and documents, and take extracts or copies.
• A paying agent or associated company that fails to comply with an authorised officer's requirements is liable to a penalty of €19,045, plus €2,535 for each day the failure continues; an employee who fails to comply is liable to a penalty of €1,265.