New tax compliance rules could expose building firms to penalties

Construction firms are in danger of leaving themselves open to penalties by failing to fully grasp detailed new tax compliance rules, a leading advisory firm warned yesterday.

BDO Ireland said that recent changes to Revenue’s compliance terms could put building firms in a vulnerable position ahead of a potentially busy period.

“Given the current need for the development of infrastructure within our economy — the building of schools, additional housing requirements, roads — and the expectation that this need will continue in the coming years, Revenue is likely to maintain focus on compliance within the construction sector.