Saturday August 8, 2020

Businesses cannot engage in fiscal distancing

For many companies facing tax bills this week, the advice is simple: make sure your Vat return is made to the Revenue, and that your PAYE is up to date

22nd March, 2020
There are two fundamental aspects to tax compliance – the payment and the tax return Picture: iStock

We are all struggling to become used to social distancing, but there is no such thing as fiscal distancing. When almost nothing else works as normal, the tax system does. The additional burdens which coronavirus is placing on the exchequer, due to increased social welfare payments and emergency care measures, will not be offset by tax revenues – in fact, quite the opposite.

While often it is the tax paid (or not paid) by wealthy...

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