Taxes Consolidation Act 1997 section 906A

Information to be furnished by financial institutions

Section 906A sets out the powers of authorised Revenue officers to obtain books, records and information from financial institutions when enquiring into a taxpayer's liability.

• An authorised officer may serve a written notice on a financial institution requiring it to produce relevant records and furnish information within at least 30 days, but only with written consent from a Revenue Commissioner and on reasonable grounds.
• The term "books, records or other documents" covers physical and electronic records, the equipment used to reproduce non-legible records, and all correspondence between the institution and its customers.
• The notice can extend to records relating to persons connected with the taxpayer, and the taxpayer may include a dissolved company or a deceased individual.
• A financial institution that fails to comply with a notice faces a penalty of €19,045, plus a further €2,535 for each day the non-compliance continues.