(1) Immediately before a principal makes a relevant payment to a subcontractor, the principal shall notify the Revenue Commissioners of his or her intention to make such a payment to the subcontractor and of the amount of that payment.
(2) The notification required under subsection (1) shall be given by electronic means and the relevant provisions of Chapter 6 of Part 38 shall apply.
(3) The Revenue Commissioners shall make regulations for the purposes of this section and such regulations may -
(a) specify the manner by which principals shall communicate electronically with the Revenue Commissioners,
(b) provide for the details to be supplied by a principal in relation to a payment referred to in subsection (1),
(c) specify the circumstances in which and the means by which a principal may cancel a notification given under subsection (1),
(d) specify the circumstances in which notification under this section is deemed not to have been given,
(e) provide for notification to a subcontract
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