In a Revenue Audit special, The Sunday Business Post gives two pages of salient advice on how to avoid a tax audit and how to deal with one if the taxman does decide to call. It tries to answer such salient questions as “if you find something is wrong, should you own up before the Revenue Commissioners arrive and how do I minimise the disruption of an audit?”
Posts Tagged ‘taxation’
And the “hits” keeping coming, as the old-time disc jockeys used to say. The Sunday Business Post predicts that figures for the first two months of the year – to be published this week – will show that the tax take is down 20 per cent on the same period in 2009. Vat receipts are significantly down and income tax is also below expectations.
A Government stamp duty trade-in initiative to kick-start the ailing housing market has turned out to be a monumental failure. Only one property developer has availed of the scheme announced by Finance Minister Brian Lenihan in the emergency Budget last April. Anyone who accepted a property in exchange or as part-payment for a new home could avail of a deferred stamp duty payment under the scheme. The builder would not be liable for stamp duty until the swapped or traded-in house or apartment was sold on, or until December 31, 2010, which ever came first.
It’s not much fun being a tax man these days. Who to screw is a serious question. The fat-cat population is diminishing at rapid rate. The amount of tax collected from the country’s wealthiest individuals is now a third of what it was in 2007, when the Irish property market started to collapse.
Accountants, tax advisers and banks will be forced to whistle-blow on clients or potential clients involved in tax avoidance schemes under new plans being finalised by the Government. They will be automatically forced to inform the Revenue Commissioners of schemes that exploit tax loopholes and allow wealthy individuals to slash their tax bills.