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Revisions to general anti-avoidance regime
The process the Revenue Service must follow to successfully withdraw a tax advantage following a transaction constituted as tax avoidance has been altered. Taxand Ireland examines these revisions.
The main revisions are:
- There will be no time limit for raising a notice of assessment under the GAAR provisions
- The surcharge which becomes payable on a Revenue Service finding that a transaction constitutes tax avoidance resulting in a tax advantage has been significantly increased from 20% to 30% of the amount of the tax advantage
- The New GAAR removes the taxpayer’s right to appeal the opinion formed by Revenue that the transaction fell within the general anti-avoidance provisions on certain specified grounds.
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