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S.I. No. 5/2015 - Income Tax and Corporation Tax (Relevant Contracts Tax) (Amendment) Regulations 2015.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 16th January, 2015.

The Revenue Commissioners, in exercise of the powers conferred on them by section 530F (inserted by section 17 of the Finance Act 2014 (No. 37 of 2014)) of the Taxes Consolidation Act 1997 (No. 39 of 1997), hereby make the following regulations:

1. These Regulations may be cited as the Income Tax and Corporation Tax (Relevant Contracts Tax) (Amendment) Regulations 2015.

2. The Income Tax and Corporation Tax (Relevant Contracts Tax) Regulations 2012 ( S.I. No. 576 of 2012 ) are amended—

(a) in Regulation 2, by inserting the following definition after the definition of “technology systems failure”:

" “unreported payment notification” has the meaning assigned to it by section 530(1) of the Act.", and

(b) by substituting the following for Regulation 9:

“(1) An unreported payment notification required to be provided by a principal to the Revenue Commissioners under Section 530F(3) of the Act shall be provided using the appropriate portal of the RCT service.

(2) For the purposes of paragraph (1) details of the following matters shall be included in an unreported payment notification:

(a) the identity of the subcontractor, including name and tax reference number;

(b) identification of the contract to which the payment relates;

(c) the amount of the relevant payment;

(d) the date the relevant payment was made;

(e) such other information as may be required by the RCT service.”.

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GIVEN under my hand,

12 January 2015.

NIALL CODY,

Revenue Commissioner.

EXPLANATORY NOTE.

(This is note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations amend the Income Tax and Corporation Tax (Relevant Contracts Tax) Regulations 2012 (S.I. 576 of 2012). The Regulations provide for the submission of an unreported payment notification where a principal fails to operate RCT on a relevant payment to a subcontractor. It also provides for the information to be included on an unreported payment notification.