New Irish Tax Compliance Rules Postponed Until Latter Half Of 2005
by Jason Gorringe, Tax-News.com, London
22 October 2004

The obligation on firms in Ireland to produce Compliance Statement Obligations is unlikely to be introduced before July 2005, Mr Paul Appleby, Director of Corporate Enforcement announced on Wednesday.

The changes are being brought about by a new legal requirement in Section 45 of the Companies (Auditing and Accounting) Act 2003 that will oblige the directors of certain companies to prepare and publish in their annual directors’ reports a Compliance Policy Statement and an Annual Compliance Statement indicating the extent of their company’s compliance with company, tax and certain other legislation.

However, a consultation with interested parties revealed that many were opposed to the introduction of the new rules on 1st January 2005, with most suggesting dates later in 2005 or in 2006.

“I was pleased that some 36 bodies and individuals submitted comments in response to the consultation process,” commented Mr Appleby in an address to Association of Compliance Officers in Ireland.

“The majority of those who expressed a view on this issue did not favour this obligation coming into effect with effect from 1 January 2005,” he confirmed, adding:

“Given the further work which is required in finalising the necessary Guidance and the need expressed by business and professional interests for additional time to prepare for introduction of the Compliance Statement obligation, I am likely to recommend that this provision be brought into effect no earlier than 1 July 2005.”

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