ICAI says Finance Bill changes 'sensible'

The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the changes introduced to the Section 86 of the Finance Bill by Minister Charlie McCreevy.

The Bill concluded its passage through the Dáil yesterday.

The Institute previously complained that one section, amended at committee stage, would penalise inadvertent mistakes by taxpayers and their agents.

The amendment introduced by the Minister at report stage, as per the departmental press release, seeks to "make it clear that no penalty or surcharge will apply where genuine errors are made".

Kieran Ryan, ICAI tax spokesperson, describing the decision as both sensible and fair, said: "ICAI welcomes this move by the Minister. We feared that the previous wording would have led to taxpayers being surcharged arising from innocent mistakes."