Company Compliance Reporting Obligations

Section 45 of the Companies (Auditing and Accounting) Act 2003 will, when commenced[1], impose an obligation on directors of certain companies to prepare statements on their company's compliance with its relevant obligations. Relevant obligations consist of all obligations under the Companies Acts and under tax law, together with obligations under certain other enactments.

For the purposes of assisting in the preparation of such statements, the lists below set out the main compliance obligations of companies under tax law and secondary law made thereunder. In relation to each obligation the list gives a brief description of the obligation and its corresponding section number in the relevant tax law. References to sections are those sections as amended. The obligations are grouped under various generic headings for ease of reference.

The lists are not exhaustive and are only intended as a general guide to companies' tax compliance obligations. The omission of any provision or obligation from these lists should not be taken as in any way removing any person's obligation to comply with any requirement of tax law contained in any such provision omitted. This includes any obligation contained in any provision dealing with the computation of income or the claiming of any allowance or other relief by way of the making of a claim, election or other action within a specified period.

References to obligations to make returns are references to making full and true returns of income, gains, allowances, etc. calculated in accordance with the law.

In addition to the obligations specified, a company is obliged under a number of provisions to do certain things when so required by notice from the Revenue Commissioners or one of their officers. In the context of directors' obligations under section 45 of the Companies (Auditing & Accounting) Act 2003, directors should have a procedure in place to ensure that there is appropriate internal reporting of any instance where their company is notified of any such requirement.

[1] Section 45 is subject to commencement by order of the Minister for Enterprise, Trade and Innovation and will come into operation from a date specified in such an order.

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