No. 3 of 2015 – Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2015

Summary

This is a short amending Act that changes the definition of records and underlying documentation used in the Mutual Legal Assistance (Tax Matters) Act, 2003. It does not create new procedures but clarifies the scope of company records that fall within that definition for the purposes of the principal Act.

• What changes: Section 5A(5)(c) of the principal Act is replaced so that records and underlying documentation now expressly includes accounts and records such as invoices, contracts and similar documentation.
• Scope covered: The new definition covers all sums of money received and expended by a company and the related matters, all sales and purchases of goods by the company, and the company's assets and liabilities.

The amendment took effect on enactment, with Royal Assent and gazetting on 30 March 2015. There is no separate transition period or new filing regime introduced by this Act.

Key obligations

• Companies whose records may be requested under the Mutual Legal Assistance (Tax Matters) Act, 2003 must ensure that the broadened category of records and underlying documentation, including accounts, invoices, contracts, sales and purchase records, and asset and liability records, is maintained and available as required under that Act.

Applies to

companies subject to the Mutual Legal Assistance (Tax Matters) Act, 2003

Deadlines

• 30th March, 2015: Date of Royal Assent and gazetting; the amendment to the definition of records and underlying documentation takes effect.

Related documents

• This document amends Mutual Legal Assistance (Tax Matters) Act, 2003 (No. 18 of 2003)