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BENEFICIAL OWNERSHIP REGULATIONS 2019 (BOR)
By Seamus Parfrey
The 2016 Regulations came into force on 15 November 2016 and have now been revoked and replaced by the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 which were passed on 22 March 2019.
Key Features of the Regulations
Corporate or other legal entities incorporated in the State shall obtain and hold adequate, accurate and current information in respect of its beneficial owners and the nature and extent of the control exercised by them.
A Central Register of beneficial ownership shall be established and corporate or other legal entities incorporated in the State are required to record its beneficial ownership information on the Central Register.
Access to the information in the Central Register is provided for.
Imprisonment and financial penalties for breaches are specified.
A Personal Public Service Number (PPS number) for every beneficial owner is required where a number has been issued.
The Employment (Miscellaneous Provisions) Act 2018which was passed into law on March 4, 2019 will bring about real changes for Irish employers and employees.
This Act deals with written statements, offences, zero hours and banded hours particularly for industries ( including retail, hospitality and tourism) which relied on flexibility with employees on working hours and seasonal activity.It does not apply to employment of continuous service of less than one month.
The employer shall give a written statement within 5 days of an employee starting employment of:
a) the full name of employer and employee b) the address of the employer in the State c) the expected duration of the employment contract if temporary and the date on which it expires if it is for a fixed term d) the rate or method of calculation of remuneration and e) the expected number of hours per normal working day and per normal working week.
Failure to provide a written statement within one month from employment start date may lead to a criminal prosecution of the employer and a class A fine and/or imprisonment.
An employer who provides an employee with false or misleading information (e.g. incorrectly designates an employee as self-employed) shall be guilty of an offence and a class A fine and/or imprisonment. The employer has a defence if he can show that he exercised due diligence and took all reasonable precautions to ensure that the Act was complied with.
Where an Irish resident company pays a dividend, it should consider any Dividend Withholding Tax (DWT) implications which may arise.
The basic principle is that DWT must be deducted at the time the distribution is being made unless the company has satisfied itself that the recipient is a non-liable person and is entitled to receive the distribution without deduction of DWT.
Companies must withhold DWT at the standard rate of tax for the year in which the distribution is made, currently 20%. It must be paid to the Revenue Commissioners by the 14th of the month following the month in which the distribution was made.