Tuesday, 29 September 2020

Ceisteanna (93)

Mairéad Farrell

Ceist:

93. Deputy Mairéad Farrell asked the Minister for Finance his views on whether it is appropriate that firms applying for section 110 status notify the Revenue Commissioners rather than making a direct application to the Central Bank which is the financial regulator, in view of recent scandals outlined in the FinCEN files (details supplied). [26638/20]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

There are a number of conditions which a company must meet in order to be regarded as a qualifying company for the purposes of section 110 of the Taxes Consolidation Act 1997 (“TCA 1997”).

One of those conditions is that the company notifies Revenue of their intention to be a qualifying company by completing a Form S.110 no later than 8 weeks from the date the company commences its business as a qualifying company for the purposes of section 110 TCA 1997. As it is a requirement of section 110 TCA 1997 it is appropriate that the Form S.110 be submitted to the Revenue Commissioners.

However, as I advised the Deputy in my written reply to PQ 23601-20, in addition to the Revenue reporting requirements, under section 18 of the Central Bank Act 1971, all Irish qualifying companies are obliged to report quarterly data to the Central Bank. This is in addition to the reporting obligation which many such companies already have, where they are “Financial Vehicle Corporations”, to report quarterly data to the Central Bank under Regulation ECB/2013/40. This information is then reported to the European Central Bank. The European Central Bank statistics provide harmonised information on the securitisation market and can also be broken down by country.

Further information on the reporting requirements of Special Purpose Vehicles and Financial Vehicle Corporations is available at the websites of the Central Bank of Ireland and the European Central Bank respectively.