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Registered Beneficial Owner

Friday, 22nd November is the deadline for registering and filing details of Beneficial Ownership data of companies/entities.

What is Registered Beneficial Owner?

The RBO is a stand-alone central register holding information on persons who are relevant entities beneficial owners/controllers, including details of the beneficial interests held by them, in accordance with anti-money laundering legislation. This register will be available to the public and provide clear, transparent information on who owns and controls Irish Companies and Industrial & Provident Societies. The objective is also to deter money laundering and terrorist financing, through clear information who is the owner or in control of Irish Companies/societies.

Relevant entities are:

  • companies formed and registered under the Companies Act 2014 or an existing company within the meaning of that Act, and
  • industrial and provident societies registered under the Industrial and Provident Societies Acts 1893 to 2018.
Who is a Beneficial Owner?

A Beneficial Owner is a person who owns or controls a legal entity, including;

  • ownership (directly or indirectly) of more than 25% of the company/society’s shares,
  • controlling (directly or indirectly) more than 25% of the company/society’s voting rights,
  • control via other means which is explained in Recital 13 of 4AMLD as follows:

“Control through other means may, inter alia, include the criteria of control used for the purpose of preparing consolidated financial statements, such as

  • through a shareholders’ agreement,
  • the exercise of dominant influence or
  • the power to appoint senior management”.
Where do I file?

Filing must be done through the RBO on-line portal as no paper forms are required. Failure to comply with these requirements is a breach of statutory duties and a criminal offence which is subject to sanctions.

Any company/society who has not filed on or before the 22nd November 2019, will be deemed to be late and may be subject to sanctions. Regulation 20(2) requires all newly incorporated companies and I&P’s to register their beneficial ownership details within five months of incorporation.

Any changes to the company or societies list of beneficial owners must be notified to the RBO within 14 days of the change.

Why not read our previous blog regarding the legal and tax implications for Director’s loans here

Should you have any queries on this issue, please contact us on 01 5397999 or info@itasaccounting.ie

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More Homes to be liable for Local Property Tax

Further from our previous blog on the deferral of amendments to Local Property Tax (LPT) until 2021, Mr Paschal Donohoe is reported to have confirmed that there will be an expansion of properties subject to LPT over time, that won’t result in higher bills for those households that already pay it.

By expanding the numbers of households liable to pay LPT will reduce the need to impose higher property tax on existing LPT payers.

Mr Donohoe stated that;

Any changes have to be modest and affordable’, existing LPT payers ‘doesn’t see a change’. For some, if they do see a change, it’s a change by a single band

As reported in the Irish Independent,

The latest figures from Revenue suggest substantial compliance with the existing LPT regime, with 98pc of assessed households paying the tax in 2018. Revenue says it collected €482m in LPT last year. The owners of around 49,000 properties applied for exemptions citing a wide range of issues, ranging from pyrite damage to charitable use.

Why not catch up on our previous blogs here

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Extension of Pay & File Deadline for Self-Assessed

Revenue have confirmed they have extended the Pay & File Deadline to Tuesday 12th November for all self-assessed individuals. In order to qualify for this extension, you must pay and file through ROS.

The individual must;

  • Pay Preliminary Tax due for 2019
  • Pay Income Tax Balance for 2018

This extension also applies for beneficiaries who have received gifts and inheritances with valuation dates in the year ended 31st August 2019. The Capital Acquisition return and payment must be paid through ROS to qualify.

As with every year, as it is an extremely busy period, we would advise all our clients that in order to give enough time to review your tax year and to submit it, paperwork must be submitted as soon as possible for 2018

Have a query? Contact us on 01 539 7999

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Phased Payment Arrangement (PPA) with Revenue

Revenue are introducing a new facility to enable taxpayers to pay their tax liabilities by phased payments through ROS.

From March 25th, taxpayers holding a current ROS certificate can avail of this new facility. You will be able to apply for a PPA through ROS and agree terms.

If you have a PPA already in place with Revenue, you must register for ROS in order to manage and view this arrangement. Revenue have advised those currently availing of this arrangement to register for ROS.

Should you wish your tax agent to have authorisation to access or deal with Revenue regarding your PPA on your behalf, signed authorisation will be required from you

Have a query? Contact us on 01 539 7999
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