ICAI hits out at Finance Bill

THE Institute of Chartered Accountants in Ireland (ICAI) yesterday said the 2006 Finance Bill confers powers on the Revenue Commissioners that run contrary to the recommendations of the 2004 Revenue Powers Group Report.

ICAI president John Greely said: “New rules for workers in the construction and meat processing sectors will oblige them to convince Revenue of their future behaviour in relation to tax, if they are not to suffer the penalty withholding tax of 35% on their wages. This is a particularly difficult hurdle for all trades people.”