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Revenue Compliance Interventions

Revenue eBriefs since 1st January 2016

May 18, 2016 By accountsadvice No comments yet Business Tax, Business Taxes, Capital Acquisitions Tax, Capital Allowances Ireland, Capital Gains Tax, Corporate Taxes, Corporation Tax, Cross border Taxes, CT1 Pay and File, CT1 Returns, Gift Tax Ireland, Income Tax, Income Tax Return Deadline, Income Tax Returns, Inheritance Tax, Landlord's rental property tax, Local Property Tax, PAYE, Payroll Taxes, Property Taxes Ireland, Qualifying Disclosure, Research and Development, Revenue Compliance Interventions, Stamp Duty, Tax News

Best Tax Advisors for full range of Irish taxes under all tax heads

Income Tax, Corporation Tax, Capital Gains Tax, Capital Acquisitions Tax, VAT, Stamp Duty, Revenue Audits and Investigations

 

 

Are you aware of how many changes to our tax system have been implemented between 1st January 2016 and today?

 

The Irish tax system is constantly evolving.  The Revenue Commissioners are consistently revising their tax guidance material under all tax heads including Income Tax, CGT, CAT, VAT, PAYE/PRSI/USC, Corporation Tax, Stamp Duty, PSWT, etc.

 

 

 

 

 

 

 

 

  • eBrief No. 47/2016: Revised tax treatment of royalty income, with effect from 1 January 2016, under the terms of the Ireland-Estonia Double Taxation Convention 1997

 

 

 

 

  • eBrief No. 43/2016: Clarification of circumstances where a CGT clearance certificate is not required

 

  • eBrief No. 42/2016: VAT – “Cancellation of a registration number – special provisions for notification and publication” (section 108D)

 

  • eBrief No. 41/2016: Termination of carry forward of certain unused capital allowances beyond 2014

 

 

  • eBrief No. 39/2016: Disclosure by Revenue of taxpayer information – Finance Act 2015 changes

 

 

 

 

 

 

  • eBrief No. 33/2016: Increased compliance interventions in the construction sector – application of the Reverse Charge for VAT and other matters

 

 

 

 

 

  • eBrief No. 28/2016: Credit in respect of tax deducted from emoluments of certain directors and employees – Section 997A TCA 1997

 

 

  • eBrief No. 26/2016: Taxation Treatment of Termination Payments on Retirement or Removal from Office or Employment

 

 

 

 

  • eBrief No. 22/2016: Return by employer of employees who availed of relief under the Special Assignee Relief Programme (SARP)

 

 

 

 

 

 

 

 

 

 

 

 

 

  • eBrief No. 09/2016: Exemption in respect of certain expenses of State Examinations Commission examiners

 

 

  • eBrief No. 07/2016: ROS Digital Certificate renewals 2016 – reminder to save your new Certificate

 

 

 

 

 

  • eBrief No. 02/2016: eRCT payments to subcontractors for 12-month period 1 January 2015 to 31 December 2015

 

 

 

 

If you are looking for a qualified Chartered Tax Advisor to help you navigate through the complexities of the Irish tax system, please contact us at queries@accountsadvicecentre.ie

 

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

Revised Code of Practice for Revenue Audit-2015

November 20, 2015 By accountsadvice No comments yet Business Tax, Capital Acquisitions Tax, Capital Gains Tax, Income Tax, Revenue Audit and Investigations, Revenue Compliance Interventions, Tax News, VAT

Best Tax Advisors for Revenue Audits and Compliance Interventions

Tax Advice for Revenue Audits, Compliance Interventions, Reviews, Investigations under all Tax Heads

 

Today, 20th November 2015, the Revenue Commissioners published eBrief 112/15, the updated and new version of the Code of Practice for Revenue Audit and other Compliance Interventions.  It covers types of intervention, audit procedures, tax and duty defaults, tax avoidance, prosecution, etc.

 

The main changes include the following:

 

  • Paragraph 1.10.5 states that a Revenue officer may, under Section 851A TCA 1997, disclose taxpayer information to a professional body to report a tax agent/practitioner in situations where the Revenue officer is satisfied that the work carried out by the agent/practitioner does not comply with the professional standards of that representative body.

 

  • Paragraph 3.16 details the term “full cooperation.” There is a list of what constitutes “full cooperation” as well as what is deemed to be a lack or failure to cooperate fully with Revenue.  This revised Audit Code focuses on the importance of “full cooperation” in this paragraph as well as in the tables of penalties.

 

  • New chapter 8 outlines tax law, Revenue policy and procedures for regularising tax and duty liabilities that arise due to certain types of tax avoidance. Paragraph 8.6 deals with the concept of a Qualifying Avoidance Disclosure.  This is separate and distinct from the information on disclosure as outlined in Chapter 3.

 

  • Paragraph 5.4.1 of the Code has been revised to reflect the amendment in Finance Act 2014 in relation to the Surcharge for Late Submission of Returns (Income Tax, Corporation Tax and Capital Gains Tax). It states “Section 1084 also provides that the filing, on time, of an incorrect return, either carelessly or deliberately, is deemed to be late filing.”

 

  • Inclusion of Legislation for Tax Avoidance Surcharge in Appendix III. It states that under Section 811D TCA 1997 “Where a ‘tax avoidance surcharge’ is not agreed or an agreed ‘tax avoidance surcharge’ is not paid, a relevant court will make a determination regarding liability to a ‘tax avoidance surcharge’. While the surcharge applied by Section 811D TCA 1997 is not a penalty it is collected as a penalty.”

 

  • In cases where compliance intervention notices have been given but have not been settled before the 20th November 2015, the taxpayer has the option of choosing whether the settlement be made under the terms of the 2015 Code of Practice for Revenue Audit and other Compliance Interventions or the Code of Practice for Revenue Audit and other Compliance Interventions of 14th August 2014.

 

 

 

For further information, please click:https://www.revenue.ie/en/tax-professionals/documents/code-of-practice-revenue-audit-2015.pdf

 

 

 

What can we do for you?

Revenue Compliance Interventions, Audits and Investigations arise mainly due to inaccuracies and inconsistencies in taxpayers’ submissions.  An automated process can also randomly select individuals and businesses in a small number of cases.  They can be costly and may result in publication on the Revenue’s Tax Defaulters list or even prosecution.  We offer a pre-audit review or compliance check as well as full and comprehensive support throughout the entire Audit process.  Our aim is to assist in minimizing the consequences of any tax underpayments and to achieve the best possible outcome.

 

 

For further information, please contact us on queries@accountsadvicecentre.ie

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.

Revenue Audit and Compliance Interventions – 2014

August 12, 2014 By accountsadvice No comments yet Business Tax, Capital Acquisitions Tax, Capital Allowances Ireland, Capital Gains Tax, Employers Taxes, Local Property Tax, Payroll, Payroll Taxes, Revenue Audit and Investigations, Revenue Compliance Interventions, VAT

Best Tax Advisors for Revenue Audits and Interventions

Revenue Tax Audits, Compliance Interventions and Investigations. Code of Practice for Revenue Audit

 

The Irish Revenue Commissioners introduced a revised Code of Practice for Revenue audits and other compliance interventions, effective from 14th August 2014.  This updated document replaces the 2010 Code of Practice.  Where a tax compliance intervention notice has issued but a settlement was not been reached before 14th August 2014, you, the taxpayer, have the option to choose whether the settlement is made under the terms of (i) the 2014 Code of Practice for Revenue Audit & other Compliance Interventions or (ii) the 2010 Code of Practice for Revenue Audit.

 

 

The following are some of the key changes introduced in Revenue’s new Code of Practice for Revenue Audit and other Compliance Interventions:

 

  • Revenue will now generally focus on a single year or single period where specific risk has been identified. Previously compliance interventions were carried out over multiple years or periods, especially in relation to the National Contractors Project.  Under the new code of practice, the scope of the audit or intervention will be extended in circumstances where material risks have been identified, using a range of data sources covering a number of years or tax periods.

 

  • The Code will apply to more taxes including Local Property Tax.

 

  • Paragraph 3.5 acknowledges that there may be exceptional circumstances where a “no loss of revenue” claim may be considered in relation to non-VAT and RCT cases. The onus of proof, however, rests with the Taxpayer and/or the Tax Agent.

 

  • Paragraph 5 deals with the Surcharge for the late submission of Tax Returns. Clarification has been provided in paragraph 5.4.1 in relation to Income Tax, Corporation Tax, Capital Gains Tax, Capital Acquisitions Tax and Local Property Tax stating “…a late filing surcharge will not be sought where the return was filed on or before the specified return date and a tax-geared penalty was applied to a settlement.”

 

  • Paragraphs 19.1 and 19.1. outline new protocols for e-audits. These include notification procedures, the format of pre-audit meetings for the purposes of reviewing electronic records as well as the data security policy.

 

  • Paragraph 5.8 provides clarification that where there is no clear cause for the delay in finalising the audit or compliance intervention, Revenue cannot delay or withhold taxpayer’s entitlement to credits or refunds of tax.

 

 

For further information, please click: https://www.revenue.ie/en/tax-professionals/documents/code-of-practice-revenue-audit-2014.pdf

 

 

 

What we can do for you

 

We have a wealth of experience in successfully dealing with Revenue audits, compliance interventions and investigations.  We can assist you to effectively prepare for the intervention, interact/liaise with Revenue and discuss/negotiate settlements, on your behalf.

 

Our professional services include carrying out detailed VAT and Employer/Payroll Tax Reviews to identify areas of non-compliance, exposure, risk, potential improvements and cost savings, etc.

 

 

For further details as to how we can help, please contact us at queries@accountsadvicecentre.ie

 

 

 

 

Please be aware that the information contained in this article is of a general nature.  It is not intended to address specific circumstances in relation to any individual or entity. All reasonable efforts have been made by Accounts Advice Centre to provide accurate and up-to-date information, however, there can be no guarantee that such information is accurate on the date it is received or that it will continue to remain so. This information should not be acted upon without full and comprehensive, specialist professional tax advice.