Ireland's Institute of Taxation has alleged that the new code of practice soon to be adopted by the Revenue Commissioners effectively creates a 'penalty amnesty' for certain Irish tax evaders.
In a recent newsletter, the IoT revealed that: 'The code established what is in effect a permanent penalty amnesty for tax fraud. A penalty of 10% (of tax owed) will apply if unprompted disclosure is made voluntarily and in a co-operative manner.'
However, according to an Irish Independent report on Monday, the tax authority has denied that the provision in question represents anything of the sort, pointing out that the new code is actually stricter than the existing regime, whereby penalties for non-payment of taxes can fall as low as 5%.
A spokesman for the Revenue Commissioners told the newspaper that the reduction in penalties does not apply to anyone already under investigation, or before a tribunal, and can only be availed of once.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment