Laws approved to crack down on tax avoidance and misuse of loopholes

THE Department of Finance has approved new legislation aimed at cracking down on tax avoidance and the misuse of tax loopholes.

The Mandatory Disclosure of Certain Transactions Regulations 2011 requires tax-paying individuals and companies to disclose more information about transactions that might qualify for tax avoidance to the Revenue Commissioners.

The regulations, which came into law yesterday, were first outlined in last year’s Finance Bill.