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Amendment of section 48 of Principal Act
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17. Section 48 of the Principal Act is amended—
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(a) by the substitution, in subsection (1), of “charitable organisation, that is not a company,” for “charitable organisation”,
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(b) by the substitution, in subsection (3)(a), of “a charitable organisation, referred to in subsection (1), in a financial year does not exceed €250,000” for “a charitable organisation in a financial year does not exceed €100,000”,
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(c) by the insertion of the following subsections after subsection (3):
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“(3A) A charitable organisation that is a company shall prepare financial statements in accordance with—
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(a) the requirements of Part 6 of the Act of 2014, and
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(b) regulations made under subsection (3B).
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(3B) The Minister may, having regard to the requirements of Part 6 of the Act of 2014 and after consultation with the Minister for Enterprise, Trade and Employment, prescribe the form and content of financial statements, additional to the requirements contained in Part 6 of the Act of 2014, to be prepared by a charitable organisation referred to in subsection (3A).”,
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and
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(d) in subsection (6)—
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(i) by the deletion of paragraph (a),
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(ii) by the substitution of the following paragraph for paragraph (c):
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“(c) to a charitable organisation in respect of a financial year in which 2 or more of the following conditions are met:
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(i) its balance sheet total does not exceed €10,000, or such greater amount not exceeding €50,000 as may be prescribed;
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(ii) its gross income does not exceed €10,000, or such greater amount not exceeding €50,000 as may be prescribed;
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(iii) it has no employees,”,
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and
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(iii) by the substitution, in paragraph (d), of “Minister for Education” for “Minister”.
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