Irish Government Planning To Hire Consultants To Examine Tax Shelters
Following the release by Ireland's Revenue Commission of its collection figures
for the third quarter of 2004, the Irish government is reported to be considering
hiring consultants to examine tax shelters utilised by wealthy Irish citizens
to minimise their tax liability. The Republic's tax authority recently released a statement revealing that it
had collected EUR97.11 million from tax evaders in the period between July and
September of this year, leading the Labour Party's spokesperson for Finance,
Joan Burton, to urge the government and tax authority to assume a still tougher
stance on the matter. Deputy Burton observed that: “Whilst today’s figures show that the significant
settlements made in the three month period from July-September this year mainly
related to historic cases to do with Ansbacher, bogus non-resident and off-shore
accounts, it is still alarming to see how many people indulged in tax evasion
and avoidance of this sort." According to a report published by the Irish Examiner, the authorities
are planning to conduct a closer examination of tax shelters involving property
and urban renewal schemes, and will ask the consulting team to conduct cost-benefit
analyses on the schemes in question. A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
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