Ireland tax amnesty open until 30 June 2015
Those who participated in the type of tax avoidance schemes listed under Revenue eBrief No. 16/15 on or before 23 October 2014 will benefit from a 20 per cent reduction in interest...
On 30 January 2015, the Revenue of the Republic of Ireland published guidance for tax practitioners on the settlement opportunity for tax avoidance transactions under the terms of the Finance Act 2014.
Those who participated in the type of tax avoidance schemes listed under Revenue eBrief No. 16/15 on or before 23 October 2014 will benefit from a 20 per cent reduction in interest and the removal of the 10 per cent or 20 per cent surcharge which is usually charged where Revenue successfully challenge a transaction under general anti-avoidance legislation. The full amount of tax due will still need to be paid.
In its press release Revenue emphasised that the amnesty is applicable to ‘tax avoidance rather than tax evasion’ schemes and is strictly time-bound to those who make a ‘qualifying avoidance disclosure’ on or before 30 June 2015. Niall Cody, Revenue Chairman said: ‘Those who have engaged in tax avoidance who do not avail of the settlement opportunity by 30 June next will be challenged and their cases will be actively pursued through the appeal system.’
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