Tom Maguire: Have your tax affairs in order when Revenue comes knocking

The key to a successful outcome in any audit is to take a proactive approach to compliance by doing regular self-reviews and ensuring that everything is as it should be

6th June, 2021
Tom Maguire: Have your tax affairs in order when Revenue comes knocking
When you receive a notification of an audit by the Revenue, you can still make a prompted disclosure, but you typically only get 21 days’ notice prior to it commencing. Picture: Getty Images

The Tax Appeals Commission (TAC) published a decision recently which held in favour of Revenue going beyond the four-year statute of limitations on audits.

It did so in a case where an official had “reasonable grounds for believing” that there were irregularities in the prior years due to neglect or fraud.

That “reasonable grounds” test sets a bar higher than a mere hunch, but it’s still lower than concluding beyond a reasonable doubt....

Subscribe from just €1 for the first month!


What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

Ireland will benefit from new global tax rules, says EU economy commissioner

Tax Peter O'Dwyer 4 days ago

Fund investors got €12 million in tax refunds

Tax Peter O'Dwyer 6 days ago

Lorcan Allen: Why the days of our cherished corporate tax may be numbered

Tax Lorcan Allen 6 days ago

Editorial: Ireland must be ready for corporation tax reform