S.I. No. 130/1967 - Corporation Profits Tax Regulations, 1967.

1. These Regulations may be cited as the Corporation Profits Tax Regulations, 1967.

2. (1) In these Regulations " the Corporation Profits Tax Acts " means Part V of the Finance Act, 1920, and the enactments amending or extending that Part.

(2) The

interpretation Act, 1937

(No. 38 of 1937), applies to these Regulations.

3. A return of profits for the purposes of the Corporation Profits Tax Acts shall be required by notice.

4. The inspector of taxes shall give notice to the company charged, or, in the case of a foreign company, to the agent, manager, factor or other representative of the company charged, of every assessment made by him.

5. Any notice to be given to the Revenue Commissioners may be given either to them at their principal office or to the inspector of taxes for the district in which the company, or, in the case of a foreign company, the agent, manager, factor or representative of the company, giving the notice resides or carries on business.

6. (1) The provisions of the

Income Tax Act, 1967

(No. 6 of 1967), specified in the next paragraph shall apply for the purposes of corporation profits tax as they apply for the purposes of income tax and accordingly, in those provisions, any reference to income tax shall be taken as including a reference to corporation profits tax, any reference to the

Income Tax Act, 1967

, shall be taken as including a reference to the Corporation Profits Tax Acts and any reference to a trade shall be taken as including a reference to a business or any undertaking of a similar character including the holding of investments.

(2) The provisions of the

Income Tax Act, 1967

, referred to in the foregoing paragraph are: sections 165, 174, 188 (1), 203, 209 (2), 416 (1) to (9), 417, 421, 422, 423, 424, 425, 427, 431, 537 and 542 (2) (4) and (5).

7. Where a commissioner for the special purposes of the Income Tax Acts is interested in his own right or in the right of any other person in any matter under appeal, he shall not take part in, or be present at, the hearing or determination of the appeal.

8. The inspector of taxes may, for any purpose in connection with the assessment and collection of corporation profits tax, make use of, or produce in evidence, any returns, correspondence, schedules, accounts, statements or other documents to which he has had or may have lawful access for the purpose of the Acts relating to income tax.

9. All such powers as are exercisable with respect to the collecting and levying of sums of income tax under Schedule D of the

Income Tax Act, 1967

, of which particulars are transmitted under section 187 (1) of that Act shall extend with respect to sums of corporation profits tax of which particulars are transmitted under section 28 (2) (

a

) of the

Finance Act, 1964

(No. 15 of 1964).

10. The regulations made on the 11th day of August, 1920, under section 56 (7) of the Finance Act, 1920, are hereby revoked.

GIVEN this 23rd day of May, 1967.

J. C. DUIGNAN,

Revenue Commissioner.

EXPLANATORY NOTE.

Under

Section 28

of the

Finance Act, 1964

, which was brought into force as from 1st April, 1966, by order of the Minister for Finance (

S.I. No. 58 of 1966

) Corporation Profits Tax is, like Income Tax, assessed by Inspectors of Taxes and collected by the Collector-General. The present Regulations, which supersede Regulations dated 11th August, 1920, secure, as regards assessment, appeals and collection, the application in relation to Corporation Profits Tax of machinery provisions similar to those which apply in relation to Income Tax.

The Revenue Commissioners, in exercise of the powers conferred on them by section 56 (7) of the Finance Act, 1920, as adapted by the Revenue Commissioners Order, 1923, hereby make the following regulations