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The seeking power and sources of the Revenue
Recent media coverage of the leaking of overseas bank account information raises questions relating to the use of information obtained by the Irish Revenue's wide seeking powers. Taxand Ireland explores the extent of their power.
The Irish Revenue’s information seeking powers are already provided for under Irish legislation and have been consistently strengthened over the years with the addition of new powers.
With the increasing move towards the Automatic Exchange of Information (AEOI) with other countries, Irish Revenue’s information-gathering powers have extended internationally. Measures that facilitate AEOI include:
- EU Savings Directive
- The OECD Common Reporting Standard (CRS)
- EU Directive on Administrative Cooperation
With the increase in Irish Revenue’s detection powers and international developments in promoting tax compliance, the volume of information available to Irish Revenue (both from local and international sources) is increasing. This, combined with the Irish Revenue’s increased use of technology to select cases for audit, may be a cause for concern for those with undisclosed tax liabilities
Quality tax advice, globally
Taxpayers with concerns should consider making a qualifying disclosure to the Irish Revenue before being contacted first. By taking such a proactive approach, penalties can be significantly mitigated and embarrassing public settlements or any further action can be avoided.