Tax

Section 110 companies - New notification requirements

In order to be a ‘qualifying company’ for the purposes of section 110 TCA 1997, a company must meet certain conditions, one of which is that it must notify Revenue of its status as a qualifying company.

Finance Act 2016 significantly expanded the level of information that must be provided to the Revenue Commissioners at notification of status stage and Revenue have now issued the new Form S.110 in respect of these additional information requirements.  In addition, for the first time, Revenue has also published a new Form S.110W dealing with the withdrawal by a company from the section 110 regime (whether because of no longer satisfying the relevant criteria or by choice). Revenue has also issued e-Brief No. 22/17 in respect of both the new Forms S.110 and S.110W.

The new notification of status process applies to all new section 110 companies established from 1 January 2017 and must be filed with Revenue within 8 weeks of commencement (or, as a transitional measure, from 23 February 2017 for companies established in the period from 1 January 2017 to 23 February 2017). Similarly, companies wishing to withdraw from the regime should file the Form S.110W within 8 weeks of the relevant date of ceasing to be a qualifying company.

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