What are the benefits of co-operative compliance?
There are benefits for both your business and Revenue when you take part in.
For your business these include:
- Revenue having a better understanding of how your business works and recognising the difference between business driven and tax driven decisions
- having a relationship with us that is based on trust, mutual understanding, openness and transparency
- being able to predict with confidence what our position will be in relation to tax issues
- the possibility for reduced compliance costs
- less audit and compliance interventions from us
- greater certainty in relation to tax exposure
- having the opportunity to highlight problems with the tax code or its administration.
For Revenue these include:
- having a relationship with you based on trust, mutual understanding, openness and transparency
- being able to predict with confidence what position you will take regarding tax issues
- having a better understanding of your business
- greater certainty when forecasting tax yield
- gaining business insights to inform discussions on the tax code and its administration
- being able to focus more on audits and enforcement for the riskiest cases
- receiving correct tax returns and payments on time
- reduced administration costs.
Next: How co-operative compliance works