Revenue acts to halt tax avoidance schemes

THE Revenue Commissioners has moved to try and clamp down on tax avoidance schemes by issuing a consultation document on proposed new legislation aimed at improving disclosure.

The document – on which tax practitioners and advisers, as well as other interested parties, can openly comment – relates to the Mandatory Disclosure of Certain Transactions legislation, introduced in this year’s Finance Act.

The legislation requires promoters of certain tax schemes to disclose them to the Revenue Commissioners shortly after they’re first marketed or made available for use.