This section is self-explanatory. It obliges companies commencing to carry on a trade, profession or business on or after April 6th, 1976, to supply specified information to the Revenue Commissioners within 30 days of commencement of the trade, profession or business. The information will ensure that newly established companies are assessed to tax without undue delay. The section also provides for penalties where the information is not supplied.

This does not apply to companies not resident or trading in the State?

No.

Would they come into tax any way?

Not unless they commenced to carry on a trade, profession or business in the State.

Any further questions?

Mr. Chairman, I think the question you put to me was if it applies to companies not resident or trading in the State?

Yes.

No, it does not, but it applies to the non-resident company which is carrying on a trade or profession in the State.

Would a company be protected against a loss arising through some of its agents?

If the company suffers a loss as a result of the failure of its agents it presumably has a right of action against its agents. The Revenue Commissioners are not always seeking their pound of flesh; they expect people to make returns and obviously they have to provide against cases of neglect.

There are penalties here, one of £500 and £50 for each day. What court has jurisdiction in dealing with the implementation of these penalties?

That is fixed by another statute.

The Income Tax Code.

Yes.