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FINANCE ACT, 1973
Extension of Charge to Tax to Profits and Income Derived from Activities Carried on and Employments Exercised on the Continental Shelf—Supplementary Provisions
1. The holder of a licence granted under the Petroleum and Other Minerals Development Act, 1960 , shall, if required to do so by a notice served on him by an inspector, give to the inspector within the time limited by the notice (which shall not be less than thirty days) such particulars as may be required by the notice of—
(a) transactions in connection with activities authorised by the licence as a result of which any person is or might be liable to tax by virtue of section 33; and
(b) emoluments paid or payable in respect of duties performed in an area in which those activities may be carried on under the licence and the persons to whom they were paid or are payable;
and shall take reasonable steps to obtain the information necessary to enable him to comply with the notice.
2. Schedule 15 to the Income Tax Act, 1967 , is hereby amended by the insertion in column (2) thereof of “Finance Act, 1973, Third Schedule, paragraph 1”.
3. (1) Subject to the following provisions of this Schedule, where any tax is assessed by virtue of section 33 on a person not resident in the State in respect of profits or gains from activities authorised, or carried on in connection with activities authorised, by a licence granted under the Petroleum and Other Minerals Development Act, 1960 , or in respect of profits or gains arising from exploration or exploitation rights connected with activities so authorised or carried on, and any of the tax remains unpaid later than thirty days after it has become due and payable, the Revenue Commissioners may serve a notice on the holder of the licence stating particulars of the assessment, the amount of tax remaining unpaid and the date when it became payable, and requiring the holder of the licence to pay that amount, together with any interest due thereon under section 14 of the Finance Act, 1962 , or under section 550 of the Income Tax Act, 1967 , within thirty days of the service of the notice.
(2) Any amount of tax which a person is required to pay by a notice under this paragraph may be recovered from him as if it were tax due and duly demanded from him; and he may recover any such amount paid by him from the person on whom the assessment was made as a simple contract debt in any court of competent jurisdiction.
4. Paragraph 3 does not apply to any assessment to tax on emoluments from an office or employment referred to in section 33 (5).
5. The said paragraph 3 does not apply if the profits or gains in respect of which the relevant assessment was made arose to the person on whom it was made in consequence of a contract made by the holder of the licence before the 16th day of May, 1973, unless he is a person connected with the holder or the contract was varied on or after that date.
6. For the purpose of this Schedule, a person shall be regarded as connected with the holder, if he would be so regarded for the purposes of section 16 of the Finance (Miscellaneous Provisions) Act, 1968 .
7. Where, on an application made by a person who will or might become liable to tax which, if remaining unpaid, could be recovered under the said paragraph 3 from the holder of a licence, the Revenue Commissioners are satisfied that the applicant will comply with any obligations imposed on him by the Income Tax Acts or the enactments relating to corporation profits tax, they may issue a certificate to the holder of the licence exempting him from the provisions of that paragraph with respect to any tax payable by the applicant; and where such a certificate is issued, that paragraph shall not apply to any such tax which becomes due while the certificate is in force.
8. The Revenue Commissioners may, by notice in writing given to the holder of a certificate issued under paragraph 7, cancel the certificate from such date, not earlier than thirty days after the service of the notice, as may be specified in the notice.