Income Tax Payers Get Important Advice from Revenue

Revenue's compliance programme is carried out under the "Code of Practice for Revenue Audit and other Compliance Interventions" (the Code). There are changes to this Code, so we are writing to all self-assessed taxpayers who filed their 2015 Income Tax Return, to make sure they know how to correct errors or omissions in any tax return they have filed. These letters will issue over the next week or so.

Revenue routinely conducts a wide range of checks to ensure that returns are filed, and that they are correct, and, in fact, most tax returns are correct and complete. If taxpayers’ returns are correct, they do not need to take any action.

However, if a taxpayer needs to make a correction, it is important to remember that there are very significant advantages available if they take action before Revenue contacts them: taxpayers can avail of reduced penalties, avoid having their name published in the List of Tax Defaulters, and avoid possible prosecution.

Details of how to correct tax returns, and the benefits of making a 'qualifying disclosure' are set out in the Code. The full Code and Frequently Asked Questions (FAQs) are available on the Revenue website.

Taxpayers are being advised that, from 1 May 2017, significant changes and restrictions are coming into effect for any corrections that relate to matters outside the Republic of Ireland, or 'offshore matters'. These changes will limit the opportunity to make a 'qualifying disclosure'. The changes coincide with increased international co-operation whereby Revenue gets more and more information automatically from other jurisdictions. If this affects you, you will find full details on the Revenue website explaining the changes, and you should come forward and correct your tax returns by making a 'qualifying disclosure' before 1 May 2017.

[Ends:17/02/2017]


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