Saturday July 4, 2020

Department ignored expert group on tax-avoidance penalty

The Department of Finance ignored the advice of the expert Revenue Powers Group when it went ahead with plans for a controversial penalty for certain tax-avoidance schemes.

11th February, 2006

The Department of Finance ignored the advice of the expert Revenue Powers Group when it went ahead with plans for a controversial penalty for certain tax-avoidance schemes.

The Finance Bill, which was published earlier this month, contained provisions to punish taxpayers who fail to pre-notify Revenue of the schemes.

It can fine them 10 per cent of the tax due if the scheme is later challenged successfully, in addition to standard interest and penalties.

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