Dáil Éireann Debate, Tuesday - 11 November 2014
194. Deputy Pádraig Mac Lochlainn asked the Minister for Finance if he will ensure that all moneylending companies that use so-called self-employed agents should be made to make immediate disclosure to the Revenue Commissioners, providing full details of the agent, that is, PPS number, name, address and start date. [42881/14]
View answerThe Central Bank has advised me that section 97 (1) of the Consumer Credit Act, 1995 (CCA) specifically envisages that a moneylender can appoint agents to act on its behalf. The agent is acting under the umbrella of the moneylender's licence, and as such is subject to the same compliance obligations as the licence holder, i.e. the Consumer Protection Code for Licensed Moneylenders (ML Code), the European Communities (Consumer Credit Agreements) Regulations 2010 and the CCA. Therefore, where the Central Bank becomes aware of potential non-compliance with regulatory requirements by an agent of a licensed moneylender, this would be treated as non-compliance by the licensed moneylender.
I am advised by the Revenue Commissioners that Sections 889 and 894 Taxes Consolidation Act 1997 require every person (which includes an individual, partnership or company), who in the course of a trade or business makes a payment to another person, to make a return of such a payment (or payments) to Revenue.
If the Deputy has concerns that either:
- some moneylenders may not be complying with their obligation to notify the Revenue Commissioners of the commissions paid to their agents; or
- some agents of moneylenders may not be fulfilling fully their tax obligations,
and he has information in that regard, he may pass it to my officials who will ensure that it is sent to the Revenue Commissioners or he may contact Revenue directly.
