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Ireland: Disclosure window for tax avoidance transactions

Wednesday, 04 February 2015   (0 Comments)
Posted by: Author: Chartered Accountants Ireland
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Author: Chartered Accountants Ireland

Finance Act 2014 made provision for a "qualifying avoidance disclosure" to Revenue on or before 30 June 2015 which could limit exposure to interest and surcharge if any arrangement fell foul of the General Anti Avoidance Rule.  

Legislation in Finance Act 2014 (section 87(1)(b)(i)) allows a taxpayer, who entered into a tax avoidance transaction on or before 23 October 2014, to settle with Revenue by paying the tax due and a reduced amount of interest.  To avail of this opportunity, a taxpayer must make a "qualifying avoidance disclosure" on or before 30 June 2015. 

The 10% or 20% surcharge provided for under section 811A TCA 1997 will not be applied.  Also, if Revenue accepts that a disclosure is a qualifying avoidance disclosure that relates to a tax avoidance transaction, no penalty will be applied.  

Revenue published details how the settlement opportunity will work, the type of tax avoidance schemes that are covered and guidance to taxpayers on how to settle in Revenue eBrief No. 16/15

Commenting on the qualifying avoidance disclosure Revenue Chairman Niall Cody said: "Those who have engaged in tax avoidance who do not avail of the settlement opportunity by 30 June next will be challenged and their cases will be actively pursued through the appeal system."

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