Revenue must be informed of tax loophole schemes

Accountants, tax advisers and banks will be forced automatically to inform the Revenue Commissioners of schemes that exploit tax loopholes and allow wealthy individuals to slash their tax bills, under new plans being finalised by the government.

20th February, 2010

Accountants, tax advisers and banks will be forced automatically to inform the Revenue Commissioners of schemes that exploit tax loopholes and allow wealthy individuals to slash their tax bills, under new plans being finalised by the government.

The move marks an escalation in the state’s efforts to crack down on aggressive tax planning and the use of controversial tax-avoidance schemes, which have cost the exchequer billions of euro in lost revenue.

The new...

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