A last minute change to the Irish Finance Bill by Finance Minster Charlie McCreevy has been welcomed by the Institute of Chartered Accountants in Ireland (ICAI).
The Institute was unhappy at provisions in Section 86 of the bill which they felt would have unfairly penalised innocent mistakes made by taxpayers or their representatives when filing tax returns.
The amendment seeks to “make it clear that no penalty or surcharge will apply where genuine errors are made,” and where the taxpayer has made the necessary corrections within a “reasonable” timeframe.
“ICAI welcomes this move by the Minister," stated ICAI tax spokesman, Kieran Ryan.
He added: "We feared that the previous wording would have lead to taxpayers being surcharged arising from innocent mistakes. This would have become a considerable source of tension within the taxation system at a time when the Revenue Commissioners and the accountancy bodies have been dealing with issues that arise in a spirit of cooperation."
“The Minister's amendment is both sensible and fair," observed Mr Ryan.
The bill concluded its passage through the Dail last Wednesday.
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