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Irish Government Planning To Hire Consultants To Examine Tax Shelters

by Jason Gorringe, Tax-News.com, London

30 December 2004


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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