Many companies are grappling with how to respond to the new requirement of the DCS that has been imposed on directors
Under the Companies Act 2014, directors are required to include a Directors' Compliance Statement (DCS) in the annual directors' report. This new requirement reflects a recurring theme in the Act, being the concept of increased responsibility and accountability for directors.
The DCS itself is a statement to be included in the directors' report in which the directors:
The relevant obligations include all obligations under Irish tax law (all tax heads) and certain obligations under the Companies Act 2014, a breach of which could give rise to serious criminal sanctions.
Read more about the impact and obligations of the new requirement for Tax - Download the PDF.
This article was originally published in Irish Tax Review Issue 3 2016 and is reproduced here with their kind permission.