Irish Revenue Makes Final Push On Amnesty Scheme
The Irish Revenue has again reminded taxpayers that the Tax Avoidance Settlement Opportunity deadline is June 30.
Revenue said over EUR33m (USD36.9m) has either been paid, or commitments to pay have been received, in respect of more than 90 cases.
The settlement opportunity was contained in the 2014 Finance Act. It applies to transactions that began on or before the publication of the Finance Bill on October 23, 2014. Taxpayers who entered into a transaction – on or before that date – to avoid tax that is being challenged, or is capable of being challenged under Ireland’s general anti-avoidance rule, can settle with Revenue on advantageous terms.
Where a taxpayer makes a “qualifying avoidance disclosure” they will benefit from a 20 percent reduction in the interest that would otherwise be payable. A surcharge will not be applied to the tax settlement.
A qualifying avoidance disclosure must be made in writing to Revenue on or before June 30. It must provide complete information about, and full particulars of, the tax avoidance transaction, and be accompanied by a payment of all the tax due and 80 percent of any interest due. The disclosure must be signed by or on behalf of the taxpayer and contain a declaration that the disclosure is correct and complete.
Revenue said it intends to actively challenge tax avoidance transactions it views as ineffective and litigate such cases in the courts.
