Revenue Chairman Frank Daly addresses ICAI conference in Wicklow
In a wide-ranging speech at the Institute of Chartered Accountants conference in the Marriott Hotel, Druid's Glen, Wicklow this morning (23/11/2007), Frank Daly, Chairman of the Revenue Commissioners spoke on a number of issues including:
- The latest state of play on the OECD Tax Intermediaries study.
- EU proposals regarding the Common Consolidated Corporate Tax Base.
Speaking on the OECD Tax Intermediaries study Mr Daly said the most significant new work items being discussed included non-compliance and the promotion of unacceptable tax minimization arrangements. In relation to aggressive tax avoidance in Ireland, he said:
'In Revenue we are significantly ratcheting up our anti avoidance activity. As of today we are actively challenging 46 avoidance schemes - 26 of these relate to Direct Taxes and 20 to Indirect Taxes. About half of the schemes are at various stages in the appeal process - 7 have reached the Higher Courts.'
Speaking on EU Commission proposals for a Common Consolidated Corporate Tax Base, Mr Daly said:
'...the wider and more important tax competition element here - which is lost sight of in this very technical and inward-looking proposal - is competition with non-EU locations.'
The Chairman added,
'There is little hard evidence of how the proposed CCCTB would reduce compliance costs as suggested by the Commission. There are enough practical questions and concerns to suggest that this is simplistic assertion. There is a growing questioning of the realism of this proposal. There is a need for all concerned - and especially business and tax advisers - to make sure they understand the practical implications of what is being proposed.'
[Ends 23/11/2007]