Finance Act, 1995

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Amendment of section 141 (particulars to be supplied by new companies) of Corporation Tax Act, 1976.

58.— Section 141 of the Corporation Tax Act, 1976 , is hereby amended—

(a) in the proviso to subsection (1), by the substitution for “trade or profession” of “trade, profession or business”,

(b) by the insertion, after subsection (1), of the following subsections:

“(1A) Subject to subsection (1B), every company which is incorporated in the State and is neither resident in the State nor carrying on a trade, profession or business therein shall, in every case within thirty days of—

(a) the date on which it commences to carry on a trade, profession or business, wherever carried on, and

(b) any time at which there is a material change in information previously delivered by the company under this subsection, and

(c) the giving of a notice to the company by an inspector requiring a statement under this subsection,

deliver to the Revenue Commissioners a statement in writing containing particulars of—

(i) the name of the company;

(ii) the address of its registered office in the State and the address of its principal place of business;

(iii) the nature of the trade, profession or business;

(iv) the name and address of the secretary of the company;

(v) (I) where the company is controlled by a company the shares in which are listed in the official list of a recognised stock exchange and have been the subject of dealings on the said exchange in the period of 12 months ending at the time at which the statement is delivered, the name of that company and the address of its registered office, and

(II) in any other case, the name and address of any individual or individuals who have control of the company;

(vi) the territory in which the central management and control of the company is normally carried out; and

(vii) such other information as the Revenue Commissioners consider necessary for the purposes of determining the territory in which the company is resident for the purposes of tax.

(1B) Subsection (1A) shall not apply to a company (hereafter in this subsection referred to as the ‘first-mentioned company’) if at the time at which a statement under that subsection would, apart from this subsection, fall to be delivered, there is a company, which is a 90 per cent, subsidiary of the first-mentioned company, carrying on a trade or profession in the State.”,

and

(c) by the addition, after subsection (2), of the following subsection:

“(3) For the purposes of this section—

(a) sections 108 to 114 of the Corporation Tax Act, 1976 , shall apply for the purposes of this paragraph as they would apply for the purposes of Part XI of that Act if subsection (7) of section 107 of the said Act were deleted, and

(b) control shall be construed in accordance with section 102 of the Corporation Tax Act, 1976 .”.