Nov 2010 | Mandatory Disclosure of Certain Transactions

The formal guidelines for the Mandatory Disclosure of Certain Transactions legislation introduced in Section 149 Finance Act 2010 is still awaited. The Irish Taxation Institute has made a detailed submission to Revenue on the initial consultation paper and draft regulations published by Revenue and concern has been expressed by the Institute on many issues including:- 

  • The need to carve-out day to day tax advice and for this to be enshrined in the body of the Regulations and a focus given to what is being sought under the regime.
  • Reporting can only take place on a “going forward” basis once the Regulations are finalised – reports required on transactions which have happened in the past, without any clear guidance of the rules at that time, are unworkable.


 

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Aileen Keogan | Solicitor & Tax Consultant | 21 The Avenue | Louisa Valley | Leixlip | Co. Kildare | Ireland

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