A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not s...
Revenue Audits & Investigations
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Revenue Audits & Investigations
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Revenue Audits & Investigations

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In this 2 Hour Online CPD Course Liam Grimes discusses some of the key issues pertaining to Revenue Audits – The selection process, audit practices, audit settlement as well as a detailed review of Revenue Powers. Liam also provides an overview of Budget 2012.

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Revenue Audits & Investigations

  1. 1. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. In Association with:- Online CPD for Accountants & Professional Advisors Revenue Audits and Investigations Presenter: Liam Grimes CPDStore.com Unit 3, South Court, Block D, Iveagh Court, Wexford Road Business Park, 5 – 8 Harcourt Road, Carlow. Dublin 2. 059 9183888 01 4110000 www.OmniPro.ie www.CPDStore.com
  2. 2. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Revenue Audits and Investigations & Budget 2012 Supporting Documentation Index Contents Page Slide Set 1 – 61 Code of Practice for Revenue Audit 62 – 139 Budget 2012 Briefing 140 – 154
  3. 3. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Revenue Audits History to date • 2002 Code • “The Patch” • 2010 Code OmniPro Education & Training Page 1 of 154
  4. 4. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2010 Code of Practice - Overview • S.1086(4) – verbal disclosure – gone • Legislative footing • Notice of Opinion • No Loss of Revenue (NLOR) Chapter 1 Overview of Revenue Audit • Revenue’s primary objective is to promote voluntary compliance with all taxes • Audit programme’s role is detecting and deterring non-compliance OmniPro Education & Training Page 2 of 154
  5. 5. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Functions of Audit Programme • Determine accuracy of returns, claims • Identifying and collecting tax, interest and penalty • Identifying cases for publication • Specifying remedial action to taxpayers • Considering procedural changes to facilitate counter- evasion • Referral of cases for investigation and prosecution What is a Revenue Audit? It is an examination of: • A tax return • A declaration of liability or repayment claim • A statement of liability to Stamp Duty • The Th compliance of a business with l i l ti li f b i ith legislation It may be multi or single issue It usually involves an examination of books, records and linking papers OmniPro Education & Training Page 3 of 154
  6. 6. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Selection Process • REAP • Third party information • Follow-on from other Revenue interventions • Bad compliance history • Random • Sectoral audits 1.4 eAuditing • Becoming more prevalent • Involves electronic examination of electronic systems • Uses data interrogation software • All digital information extracted should be stored on g encrypted storage devices OmniPro Education & Training Page 4 of 154
  7. 7. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 1.4 eAuditing • Confidentiality of client information/data • IT expertise • Security • Pre-audit meeting to review system is not “start” of audit 1.5 Unannounced Visits • Not an audit • Power contained in S.905 TCA 1997 • Emphasis on cash businesses OmniPro Education & Training Page 5 of 154
  8. 8. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 1.5 Conduct of Unannounced Visits • Usually Revenue “Team” will target a particular town/area/shopping centre • Two Revenue officials call to business • Endeavour to speak to proprietor but are entitled to speak to staff t ff • Cannot speak to customers 1.5 Unannounced Visit Checklists Includes questions around: • Number of tills • If no tills – what systems for recording sales • Operation/reconciliation of tills • Control/recording of cash pay outs • Employee details • Property ownership details OmniPro Education & Training Page 6 of 154
  9. 9. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 1.6 Investigations • Not covered by Code • Audits can ‘migrate’ into investigation 1.7 Notification of a Revenue Audit • Will be in writing • Will clearly state “Notification of Revenue Audit” • Will clearly state nature and scope of Audit • Minimum of 21 days notice • No longer possible to make “Unprompted Qualifying Unprompted Disclosure” once notification received OmniPro Education & Training Page 7 of 154
  10. 10. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Other Revenue Interventions The following are not notifications of a Revenue Audit: • Unannounced Visits • Assurance checks • Sectoral review letters • Profiling letters & interviews o g ette s te e s • Letter/phone call requesting back-up documentation => Still possible to make Unprompted Qualifying Disclosure (UQD) Chapter 2 Regularising Tax and Duty Defaults OmniPro Education & Training Page 8 of 154
  11. 11. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.2 Self-Correction Returns can be self-corrected without penalty where: • Written notification to Revenue • Compute & pay correct tax & interest • VAT underpayments of less than €6,000 (previously €5,000) can be corrected in next return – no penalty, interest or notification required • Beware time limits • Not available if notified of audit and/or investigation • Does not apply for repeat deliberate behaviour 2.3 Innocent Error • No penalty if “Innocent Error” claim proven Factors • Tax default not deliberate • Not due to failure to take reasonable care • Tax at issue less than €6,000 (previously €3,000) • Proper books & records kept • Compliance record/frequency of errors • Materiality OmniPro Education & Training Page 9 of 154
  12. 12. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.4 Technical Adjustments • No penalty if “Technical Adjustment” claim proven • These are adjustments that arise from differences in interpretation 2.4 Technical Adjustments Factors: • Significance of tax consequences • Due care has been taken • Interpretation was reasonable • Complexity of issues involved • Court and Appeal Commissioner decisions • Guidance available • Expression of doubt - Gone OmniPro Education & Training Page 10 of 154
  13. 13. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.5 No Loss of Revenue (NLOR) • Significant change from 2002 code • 2002 code NLOR Restricted to VAT in group situations • Penalty was the lesser of 3% or €60,000 • Did not apply where there were suppressed sales or a general failure 2.5 NLOR 2010 code provisions • Onus of conclusive proof on claimant • May be difficulties in getting the necessary third party information • Revenue will not supply third party details/information OmniPro Education & Training Page 11 of 154
  14. 14. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.5 NLOR 2010 code provisions NLOR claims will not by accepted where: • Default is in deliberate behaviour category • General failure to operate tax system • Case not proven • No co-operation • Default is in careless behaviour category and there is neither a qualifying disclosure or co-operation 2.5 NLOR 2010 code provisions Consideration taken into account • General compliance record • Repeat NLOR claims history • Previous claims history • Steps taken to prevent re-occurrence OmniPro Education & Training Page 12 of 154
  15. 15. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.5 NLOR 2010 code provisions Where NLOR claim is accepted: • Tax will not be collected • Interest may be sought but limited to period of temporary loss of revenue • Penalties will be charged in accordance with new table - capped 2.5 NLOR 2010 code provisions new penalty table NLOR TAX DEFAULT CATEGORY OF DEFAULT NLOR QUALIFYING DISCLOSURE All “careless behaviour” NLOR tax defaults where there is a “qualifying Prompted qualifying disclosure and Unprompted qualifying disclosure and disclosure” co-operation co-operation First qualifying disclosure in this category Careless behaviour Lesser of 6% or €15,000 Lesser of 3% or €5,000 Second qualifying disclosure in this Careless behaviour Lesser of 6% or €30,000 Lesser of 3% or €20,000 category Third or subsequent qualifying disclosure Careless behaviour Lesser of 6% or €60 000 €60,000 Lesser of 3% or €40 000 €40,000 in these categories NLOR TAX DEFAULT CATEGORY OF DEFAULT CO-OPERATION ONLY All “careless behaviour” NLOR tax Careless behaviour Lesser of 9% or €100,000 defaults where there is no “qualifying disclosure” OmniPro Education & Training Page 13 of 154
  16. 16. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.5 NLOR 2010 code provisions Innocent error and technical adjustments • A penalty will not apply where non-operation due to “innocent error” • Non application of a penalty will be considered where non Non-application non- operation due to “technical adjustment” Disclosure and its effect on settlement of audits 2002 Code: • Qualifying Disclosures (prompted & unprompted) • Voluntary Disclosures (S.1086(4)(a) TCA 1997) • Categories of Default: Deliberate Default g Gross Carelessness Insufficient Care • Benefit of Co-operation OmniPro Education & Training Page 14 of 154
  17. 17. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Disclosure and its affect on settlement of audits Finance (No.2) Act 2008 Three new categories of default: • Deliberate Behaviour • Careless behaviour with significant tax consequences • Careless behaviour without significant tax consequences Importance of co-operation brought forward to 2010 Code Penalties for Tax Defaults • Penalty Table 1 – Paragraph 4.6.2 - Default post 24 December 2008 • Penalty Table 2 – Paragraph 4.6.4 - Default prior to 24th December 2008 • Relevant table determined by reference to the actual contravention, not by commencement date of audit OmniPro Education & Training Page 15 of 154
  18. 18. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.6 Qualifying Disclosure • Defined in legislation – S.1077E(1) Key differences – • Voluntary/verbal disclosure removed • Must be in writing – enforcement? • Ri k of getting it wrong Risks f tti • Benefit of avoiding Prosecution and Publication • Prompted v. Unprompted – determines level of penalty 2.7 Definition of Qualifying Disclosure • A qualifying disclosure is “a disclosure of complete information in relation to, and full particulars of, all matters occasioning a liability to tax that gives rise to a penalty” • Must be made in writing, signed by or on behalf of the taxpayer and be accompanied by: – a declaration that to the best of that person s knowledge, person’s knowledge information and belief, that all matters contained in the disclosure are correct and complete – a payment of the tax or duty and interest on late payment of that tax or duty OmniPro Education & Training Page 16 of 154
  19. 19. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.7 Definition of Qualifying Disclosure • More onerous than definition in 2002 code • There should be no situations in practice where an agent should sign a disclosure on behalf of a client – i.e. plain or client’s paper • No requirement to make a self assessed determination of a penalty or pay this over as part of a disclosure. However, the category of default is still relevant in determining the form of the disclosure • “Voluntary Disclosure” no longer an option – interaction with inability to pay (S.4.9) 2.7 Definition of Qualifying Disclosure What periods and tax heads must be addressed as part of the audit? • Deliberate behaviour/Deliberate Default - all tax heads and periods • Careless behaviour/Gross Carelessness/Insufficient Care - relevant tax heads and periods • Unprompted qualifying disclosure in the Careless Behaviour/Gross Carelessness/Insufficient Care category - tax heads and periods subject of the disclosure OmniPro Education & Training Page 17 of 154
  20. 20. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.7 Definition of Qualifying Disclosure • Merging of old and new categories of default • Appropriate penalty regime determined by when the contravention occurred • Date the disclosure is made determines the form of disclosure required, rather t a t e date of default at e than the o de au t • New disclosure regime applies to all disclosures made after 24th December 2008 2.7 Definition of Qualifying Disclosure • Extension of scope of audit • Revenue’s approach is to concentrate on the tax periods in the audit notice • Benefit of prompted qualifying disclosure available where auditor formally extends the scope of the audit (on foot of a new audit letter) • Benefit of unprompted qualifying disclosure where the audit is not formally extended and attention drawn by auditor to issues not within the initial scope • No requirement for taxpayer to make a self-assessed determination of penalty, but still a requirement to assess which category of default applies for the purpose of determining what the disclosure must relate to (i.e. tax heads and periods) OmniPro Education & Training Page 18 of 154
  21. 21. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.7.1 Related Liabilities • Cases not involving deliberate default/deliberate behaviour – clarification • Where an auditor pursues related liabilities, benefit of prompted qualifying disclosure applies • Requirement for agents to monitor progress of an audit to determine if an additional disclosure should be made 2.7.2 • Liabilities not within the initial scope of the audit • Benefit of unprompted qualifying disclosure for non d lib t d f lt/b h i deliberate default/behaviour OmniPro Education & Training Page 19 of 154
  22. 22. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.7.3 Qualifying Disclosure and Calculation of Penalties • Disclosures post 24 December 2008 – payment of tax and interest only • Penalty paid subsequently once agreed (wording of section misleading if read in isolation) • Revenue Notice of Opinion procedures – S.4.5 2.7.4 Qualifying Disclosure and Payment • Liability to tax and interest MUST be paid to be a qualifying disclosure • Broader issue of inability to pay (s.4.8 and s.4.9) • “Real, genuine and accepted proposal to pay the agreed liability” will suffice (change from 2002 Code) • Failure to honour phased payment arrangement may result in prosecution. It is hoped that this will not be applied where there is a genuine change in circumstances of the taxpayer OmniPro Education & Training Page 20 of 154
  23. 23. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.7.5 Qualifying Disclosure and Non- Publication • Qualifying disclosure secures non-publication and reduced or mitigated penalties • Mitigation will depend on type of disclosure, category of default, previous disclosures and level of co-operation • S.2.10 - specific exclusions preventing a disclosure from being treated as a qualifying disclosure 2.7.7 Qualifying Disclosures and Companies • Audit of one company in a group does not prevent another company in the group from making an unprompted qualifying disclosure • Where notification of the extension of the audit is issued, benefit of unprompted disclosure not available p p • Good practice to review all aspects of a group and affairs of directors where one company in the group receives notification of an audit OmniPro Education & Training Page 21 of 154
  24. 24. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.8 Definition of a “Prompted Qualifying Disclosure” • Disclosure made after the issue of an audit notification letter and before the commencement of the audit (s.1077E (1) TCA 1997) • Audit notification must be in writing • Revenue auditor should continue to ask at the start of a meeting if th t ti the taxpayer i t d t make a qualifying intends to k lif i disclosure • Date of letter can often be source of frustration 2.9 Definition of an “Unprompted Qualifying Disclosure” • Must be made before the commencement of an investigation/inquiry or before the issue of an audit notification letter (date on letter) • Notification must be in writing and should not be confused with a verification letter, aspect q y p p query, profile interview etc. OmniPro Education & Training Page 22 of 154
  25. 25. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.10 Exclusions – Disclosure not regarded as a Qualifying Disclosure Disclosure not a “qualifying disclosure” in the following circumstances: • Revenue had started an audit or investigation before the disclosure is made (practitioners should ensure client has received the notification in writing) • Matters in the disclosure were known to Revenue or in the public domain (subjective test) • Qualifying Disclosure is incomplete – full, true and accurate test failed • Disclosure is given verbally 2.11 Second, Third and Subsequent Qualifying Disclosures • 2002 Code: Restriction of mitigation of penalties for second qualifying disclosure under the deliberate default or gross carelessness category. No mitigation available for third or subsequent disclosure • New penalty tables in paragraphs 4.6.2 and 4.6.4 for pre and post 24th December 2008 defaults • Qualifying Disclosures is the careless behaviour without significant co seque ces catego y a e e e cou ted consequences category are never counted when calculating the number of e ca cu at g t e u be o qualifying disclosures made by a taxpayer • Exclusions for situations where there is a change of ownership • Subject to “5 year rule” OmniPro Education & Training Page 23 of 154
  26. 26. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.12 The 5 Year Rule regarding Qualifying Disclosures • Finance (No2) Act 2008 – where a taxpayer makes no additional qualifying disclosures within five years of a previous qualifying disclosure, the count starts again – S.1077E • A Qualifying Disclosure can only be a second qualifying disclosure if there was a liability to the specific tax head in the first qualifying disclosure • Disclosures in the Careless Behaviour without significant consequences/insufficient care category are never counted 2.13 Period to prepare a Qualifying Disclosure Unprompted Qualifying Disclosure: • Taxpayer can avail of additional 60 days once notification given • Allows taxpayer the opportunity to assess / discuss category of default and / or raise funds Prompted Qualifying Disclosure: • Notification within 14 days not required for a disclosure to be a qualifying disclosure • Only required to obtain the additional 60 days OmniPro Education & Training Page 24 of 154
  27. 27. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.14 Examination of Qualifying Disclosures • Similar to position under 2002 Code • All prompted disclosures will be examined to verify the details disclosed • Only a section of unprompted qualifying disclosures • Examination of a qualifying disclosure is treated as a Revenue Audit • Disclosure still valid where discrepancies are insignificant 2.15 Qualifying Disclosures – Requirements Summary Chart • No requirement to self assess penalties • Legislation now provides that where an individual does not take steps to correct an error that has come to his/her attention the incorrect return shall be treated as having been deliberately made y • This should not imply any “intent” at time of original error was made OmniPro Education & Training Page 25 of 154
  28. 28. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.16 Co-Operation Only – No Qualifying Disclosure • Mostly the same as 2002 Code provisions • Welcome clarification that auditors will provide any assistance required by taxpayers to enable them to co-operate with the audit including allowing them reasonable time to fully reply to correspondence • Benefits of co-operation should still be available where no disclosure or an incomplete disclosure is made 2.17 Capital Gains Tax Valuations - Penalties Mitigation of penalties by reference to following criteria: • Establish difference (“A”) between agreed valuation (“B”) and original valuation proposed • If “A” is not greater than “B” x 30% – no penalty • If “A” is greater than “B” x 30% but not greater that “B” x 50% - careless behaviour without significant consequences or insufficient care OmniPro Education & Training Page 26 of 154
  29. 29. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.17 Cont’d • If “A” is greater than “B” X 50% but not greater than “B” x 60% - careless behaviour with significant consequences or gross carelessness • If “A” is greater than “B” x 60% - deliberate behaviour or deliberate default • Revenue acknowledge difficulty in obtaining accurate valuations 2.18 Capital Acquisitions Tax and Stamp Duty Valuations • Legislative provisions for surcharges • S.53 CATCA 2003 • S.15 & S.16 SDCA 1999 OmniPro Education & Training Page 27 of 154
  30. 30. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 2.19 Arrears of Declared Taxes and Duties • Auditors will require payment of all unpaid taxes and submission of all out standing returns • “Tax Creditor” in Form 11’s and CT1’s should always be reviewed 2.20 Maintenance of Adequate Records • Obligation to keep proper books and records rests with each taxpayer • Failure to keep proper books and records may have serious consequences • Can lead to a criminal prosecution, which is outside the p , scope of the code • Julie will deal with this in more detail OmniPro Education & Training Page 28 of 154
  31. 31. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Chapter 3 The Revenue Audit Introduction • Ensure client has a copy of the letter once you receive it • Brief client on implications, responsibilities and “logistics” • Prepare for the meeting • Broadly similar to 2002 Code, except for the omission of sections on “collection of arrears” and “records” and the insertion of a section dealing with Data Protection OmniPro Education & Training Page 29 of 154
  32. 32. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 3.1 Location of Audit • Audits carried out by local Revenue district, unless there are “operational reasons” • Reference to conducting the audit at an agents office now removed • Audit will be conducted in the local tax office where holding it in the ta paye s p e ses ou d taxpayer’s premises would be impractical or cause serious inconvenience p act ca o se ous co e e ce • S.905(2)(e) TCA 1997: access to private residence only allowed with consent of taxpayer or on foot of a warrant 3.2 Conduct of Audit • Aspect Queries – points of issue may be pursued in an audit but not prevented from making prompted qualifying disclosure • Assurances on Revenue’s data security guidelines • Taxpayer will be advised of his/her entitlement to make a prompted qualifying disclosure right up until the time that the examination of the books and records commence • List of procedures and checks to be conducted by auditor • An audit of a director owned company includes an audit of the director’s tax affairs. All parties to the audit will receive notification • S.8 FA 2010 – Credit for tax available to directors OmniPro Education & Training Page 30 of 154
  33. 33. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 3.3 Materiality in Audit Settlements • Wording identical to 2002 Code • Where a taxpayer’s returns are substantially correct, the Revenue auditor will terminate the audit • Materiality is always subjective, but does allow for some leeway 3.4 Obstruction • Series of steps to be followed by the auditor to obtain co- operation • 2010 Code provides that immediate action may need to be taken e.g. need to secure records. Normally done by referring the matter to investigations branch g • Reports will issue to IPD in all but the most exceptional of circumstances OmniPro Education & Training Page 31 of 154
  34. 34. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 3.5 Years/Periods of Audit (and transactions for audit) • Carried forward from 2002 Code • Auditor should focus on the periods indicated in the audit letter • R f Reference t sections 2 4 and 2 4 1 extension of th scope of to ti 2.4 d 2.4.1: t i f the f an audit and the impact on a “qualifying disclosure” 3.6 Auditing Earlier Years/Periods • Specific indication of when earlier years/periods are likely to be opened have not changed • 2002 Code: Cost/benefit analysis and inability to pay were relevant factors • 2010 Code: Sound basis for believing that significant defaults have taken place • Strong indicators that tax avoidance scheme exists OmniPro Education & Training Page 32 of 154
  35. 35. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 3.7 Post Audit Years/Periods • No Change in 2002 Code • Reasonable to expect that where adjustments are required for a period and the error has been carried forward to later periods, these periods would also be adjusted 3.8 Review of Cases Previously Audited • Revenue’s re-audit program – taxpayers previously audited may be re-audited • Often a source of frustration • Advise client at end of audit that his/her affairs may be re- re examined OmniPro Education & Training Page 33 of 154
  36. 36. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Chapter 4 Finalisation of a Revenue Audit 4.1 Monetary Settlement • No material change from 2002 Code • Importance of monetary settlement to the efficient management of the tax system • Vigorous prosecution policy will also be applied in appropriate cases OmniPro Education & Training Page 34 of 154
  37. 37. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 4.2 Basis of Audit Settlement Other initiatives currently being introduced by Revenue: • A new audit management software system (incorporating software for aspect queries/profiling interventions) • A quality assurance programme for audits • A new statement of compliance strategy The effect of these measures can be seen in this section 4.2 Basis of Audit Settlement • Specific monetary limits for internal sign of no longer provided for in Code (e.g. offer in excess of €100,000 required approval of Board level under 2002 Code) • Audit settlements are now subject to quality assurance procedures • Taxpayer may be required to confirm in writing that issues indentified a paye ay equ ed co t g t at ssues de t ed during the course of the audit have been rectified • Revenue’s power to issue a Notice of Opinion in relation to penalties OmniPro Education & Training Page 35 of 154
  38. 38. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 4.3 Interest • No mitigation of interest under the code • Imposition of interest in non-audit cases becoming more prevalent • Sometimes delays of several years • Importance of clear written advice to clients re preliminary tax responsibilities • Beware CGT Payment deadlines 4.4 Surcharge • Roll up of fixed penalties into tax geared penalties • Above roll-up does not apply to 5% and 10% late filing surcharges OmniPro Education & Training Page 36 of 154
  39. 39. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 4.5 Penalties • Undisclosed sale’s receipts, income, gains • Undisclosed remuneration or RCT payments • Understated assets • Overstated liabilities • Non compliance with VAT, PAYE, RCT regulations • Improper claims for expenses, deductions, capital allowances Mitigation Category of tax Tax Co- Co-operation Cooperation default geared operation and a and an penalty only prompted unprompted voluntary voluntary disclosure disclosure Deliberate 100% 75% 50% 10% default/Behaviour Gross Carelessness? 40% 30% 20% 5% Carelss behaviour Insufficient care 20% 15% 10% 3% OmniPro Education & Training Page 37 of 154
  40. 40. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 4.5 Imposition of Penalties Where there is no agreement on penalties and where Revenue Officer forms opinion that taxpayer is liable to penalty Officer will give notice in writing to the taxpayer setting out: • The provisions of the acts under which the penalty arises • The circumstances in which that person is liable to the penalty • The amount of the penalty to which that person is liable • Such other details as the Revenue Officer considers necessary 4.5 Notice of Opinion • Revenue will use standard “notice of opinion” • Copy will go to agent • Quantum of tax due must be finalised before notice is issued • Taxpayer can ask for second opinion • Taxpayer can, within 30 days, request review can days • No changes in statutory appeal procedures • Notices should issue only with express approval of Principal Officer OmniPro Education & Training Page 38 of 154
  41. 41. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Appeal • If within 30 days there is no agreement • Revenue Officer can apply to relevant court for a determination • Such applications must be approved in writing at Principal Officer level • Applications will be dealt with by Revenue solicitor • Cases cannot be dealt with by Appeal Commissioners “Relevant Court” • The relevant court will be by reference to the monetary limits, which are as follows: € District – up to 6,349 Circuit – up to 38,092 High – over g 38,092 , • The case will be heard in public. There is no provision for “in camera” hearings • The new regime post 24/12/2008 OmniPro Education & Training Page 39 of 154
  42. 42. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Tax Geared Penalties QUALIFYING DISCLOSURE PENALTY TABLE 2 CATEGORY OF DEFAULT FINANCE (No. 2) ACT 2008 ALL DEFAULTS WHERE THERE IS A ‘QUALIFYING PENALTY TABLE FOR DEFAULTS THAT OCCURRED PROMPTED QUALIFYING DISCLOSURE UNPROMPTED QUALIFYING DISCLOSURE’ ON OR AFTER 24/12/2008 AND DISCLOSURE AND CO-OPERATION CO-OPERATION FIRST QUALIFYING DISCLOSURE IN THESE Q DELIBERATE BEHAVIOUR 50% 10% CATEGORIES CARELESS BEHAVIOUR WITH SIGNIFICANT CONSEQUENCES 20% 5% ALL QUALIFYING DISCLOSURES IN THIS CATEGORY CARELESS BEHAVIOUR WITHOUT SIGNIFICANT CONSEQUENCES 10% 3% SECOND QUALIFYING DISCLOSURE IN THESE CATEGORIES DELIBERATE BEHAVIOUR 75% 55% CARELESS BEHAVIOUR WITH SIGNIFICANT CONSEQUENCES 30% 20% THIRD OR SUBSEQUENT QUALIFYING DISCLOSURE IN THESE CATEGORIES DELIBERATE BEHAVIOUR 100% 100% CARELESS BEHAVIOUR WITH SIGNIFICANT CONSEQUENCES 40% 40% NO QUALIFYING DISCLOSURE CATEGORY OF DEFAULT NO CO-OPERATION CO-OPERATION ONLY ALL DEFAULTS WHERE THERE IS NO ‘QUALIFYING DELIBERATE BEHAVIOUR 100% 75% DISCLOSURE’ CARELESS BEHAVIOUR WITH SIGNIFICANT CONSEQUENCES 40% 30% CARELESS BEHAVIOUR WITHOUT SIGNIFICANT CONSEQUENCES 20% 15% 4.6 Categories of Tax Default BEFORE 24/12/2008 AFTER 24/12/2008 Deliberate default Deliberate behaviour Gross carelessness Careless behaviour with significant q consequences Insufficient care Careless behaviour without significant consequences OmniPro Education & Training Page 40 of 154
  43. 43. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 4.6 Categories of Tax Default Deliberate default • A breach of a tax obligation with indicators consistent with intent • Cannot be explained by carelessness 4.6 Categories of Tax Default Deliberate behaviour • Not defined in the legislation • To be given its normal meaning • Breach of a tax obligation with indications consistent with intent i t t • Cannot be explained by carelessness OmniPro Education & Training Page 41 of 154
  44. 44. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 4.6 Categories of Tax Default Gross carelessness • A lack of due care • Substantially incorrect • Absence of indicators of intent • Can be explained by carelessness • Cannot devolve responsibility to agent • 15% rule 4.6 Categories of Tax Default Careless behaviour with significant consequences • Lack of due care • Absence of indicators of intent • Defined in legislation as “failure to take reasonable care” • Test of reasonable care • Cannot devolve responsibility to agent • 15% test OmniPro Education & Training Page 42 of 154
  45. 45. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 4.6 Categories of Tax Default Insufficient care • As for gross carelessness but under 15% test 4.6 Categories of Tax Default Careless behaviour without significant consequences • Distinguished by reference to 15% test OmniPro Education & Training Page 43 of 154
  46. 46. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 4.6 Categories of Tax Default Pre and post 24/12/2008 important change in definitions Pre Fraudulently or negligently y g g y Post Deliberate or careless ‘knowingly’ deleted Fixed Penalties • Range & Quantum The range and quantum of fixed penalties have increased significantly Most common fixed penalties are now €3,000 & €4,000 per “event” • Roll Up Revenue have confirmed that the practice of rolling fixed penalties into the tax geared penalty will continue OmniPro Education & Training Page 44 of 154
  47. 47. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Penalties in Death Cases • Applies to all open cases post 24/12/2008 • Where before death liability to penalty agreed • Penalty payable by estate • Proceedings subject to time limits 4.7 Timeframe for Concluding Audit • Three month delay by Revenue • Revenue will  Advise of current status of audit  Estimate likely conclusion date • Much too vague OmniPro Education & Training Page 45 of 154
  48. 48. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 4.8 Payment – Discharging Liabilities • Provision for phased payment arrangements while availing of qualifying disclosure • Must provide information to justify consideration for instalment arrangement 4.9 Inability to Pay • Heavy onus of proof on taxpayer • Statement of affairs required • Most recent accounts • Formal offer document • Should b fl Sh ld be flagged as early as possible audit process d l ibl dit OmniPro Education & Training Page 46 of 154
  49. 49. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Chapter 5 Publication A settlement will not be published where: • the specified sum in settlement of the tax, interest and penalties due does not exceed €30,000 • the penalty determined by the court does not exceed 15% of the amount of the tax underpaid; or • there has been a Qualifying Disclosure However, where a penalty is decided in open court much of the benefits of non-publication are undoubtedly lost Chapter 6 Prosecution • Prosecution not covered by 2010 and 2002 codes • Decisions made by DPP • Crucial to get legal advice if in this situation OmniPro Education & Training Page 47 of 154
  50. 50. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Revenue Powers Section 900 • Serves a notice on a tax payer to produce records and documents which contain information on tax liability • Pre condition—Person should be given a g reasonable opportunity to deliver prior to service of notice. • Failure to comply can result in a penalty of €1,900. OmniPro Education & Training Page 48 of 154
  51. 51. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Sec 900 continued • In addition to ‘Civil’ penalty taxpayer can also be liable to prosecution under section 1078 • Penalty on conviction here is €5,000. • Question of double jeopardy? • Anybody prepared to challenge to High Court and Possibly Supreme Court? Section 902 • Notice to third parties requiring the production of records or information relating to the liability of a taxpayer. • Saver for ‘professional advice of a confidential p nature’ Section 902A • Similar to section 902 – application to High Court OmniPro Education & Training Page 49 of 154
  52. 52. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Section 902 A Matters Arising. • Sh ld application t court b ex parte or on Should li ti to t be t notice. • What constitutes a class for the purpose of the section • Position as to costs of compliance. • The ubiquitous Mr Haughey----Supreme court Haughey Supreme held that bank account holder was entitled as a matter of constitutional and natural justice to notice. Section 903 – PAYE Powers • Examine records • Examine personnel records • Power to enter dwelling without consent only on foot of a Warrant • The inviolability of the dwelling is protected by constitutional guarantee. Section 904 • RCT inspection OmniPro Education & Training Page 50 of 154
  53. 53. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Section 904 • The whole basis of the Relevant Contracts Tax may be unconstitutional. • Tax upon a Tax • Rate of Tax • Contrast with PSWT and DWT • One law for white collars and one for blue. 904 A to 904J • Various powers dealing with banks, insurance companies,investment undertakings etc OmniPro Education & Training Page 51 of 154
  54. 54. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Section 905 • Allows Inspector to enter any business premises where a trade is carried on or records are maintained An Inspector cannot enter a private dwelling without consent or without a District Court warrant • Allows an Inspector to search for, copy or remove records • Entering Premises OmniPro Education & Training Page 52 of 154
  55. 55. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Section 905(2) • Authorised officer at “all reasonable times” • Enter any premises • “Reason to believe” • Trade/profession • Activity chargeable to tax is carried on When There … • Require any person to produce any books or other relevant documents • Examine books, records, etc and take copies/extracts; • Remove & retain books/records for a reasonable period for examination • Examine any property listed in any balance sheet or other statements • Require the taxpayer or employees to give all reasonable assistance • Search for what has not been produced OmniPro Education & Training Page 53 of 154
  56. 56. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. • Concept of reasonableness? • Who decides?. • Remember concept of proportionality and natural and constitutional justice. Professions – Section 905(2)(c) • “Nothing … requiring any person carrying on a profession … to produce … documents relating to a client, other than • … • (ii) As are otherwise material to the tax liability of the person carrying on the profession or • … • And in particular, that person shall not be required to disclose any information or professional advice of a confidential nature given to a client.” OmniPro Education & Training Page 54 of 154
  57. 57. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Search Warrant • Reasonable grounds to suspect • Failed to comply with the Taxes Acts • Likely serious prejudice to proper assessment • Records likely to be present • “For as long as they are reasonably required” g y y q Search Warrant • Can’t enter building used as private residence • But • May get search warrant from District Court OmniPro Education & Training Page 55 of 154
  58. 58. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Search Warrants – Finance Act 2007 • Revenue offence • Section 1078 & amnesty • “is being, has been or is about to be committed” • Revenue can be accompanied by Gardaí Where? • Section 908C(1) • “Any building, part of building, vehicle, vessel, aircraft, hovercraft or any other place whatsoever” OmniPro Education & Training Page 56 of 154
  59. 59. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. When There • Search premises • Any person on the premises • Any thing on the premises • Require persons there to give name, home address, p occupation • Require persons to produce material in their custody • Require to explain value & relevance of material • Seize & retain books & records, including … where records are stored Failure to Comply? • €5,000 • or • 6 MONTHS PRISON SENTENCE OmniPro Education & Training Page 57 of 154
  60. 60. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Section 906 • A Garda may accompany an Inspector and arrest an individual who obstructs the authorised officer Section 906A • Serves notice on bank to make available records relating to the liabilit of an individual liability indi id al • A copy of the notice must be given to the taxpayer Section 907 • Same as S.906a but it involves an application through the Appeal Commissioners Section 908 • Application to High Court requiring information from bankers, etc • Used for individuals and also in Class actions • Used extensively in DIRT and other enquiries. OmniPro Education & Training Page 58 of 154
  61. 61. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. 908 D Specifically relevant to Accountants/Advisors • Proceed with extreme caution. • Costs should be awarded(against Revenue) for court appearances and also for compliance with any order. • M t make court application. Must k t li ti • May not be possible to claim re imbursement from client. Section 909 • Power to request statement of affairs Section 910 • Power to get details from other government departments of payments made Section 911 • Power to impact asset for valuation purposes OmniPro Education & Training Page 59 of 154
  62. 62. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Section 886 • Obligation to keep certain records • Books and documents on income and expenditure • Linking documents which means documents drawn up in the making up of accounts and showing calculation linking the records to the accounts • Keep for 6 years Section 889 • 46G Section 890 • nominees •Section 891 • Return of interest paid gross Section 891A • Return of interest paid to non-residents OmniPro Education & Training Page 60 of 154
  63. 63. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. VAT inspection powers • Regulation 9 • Lists in detail the records that must be kept by a VAT registered person • Authorises Inspector to seize goods which are due to be exported OmniPro Education & Training Page 61 of 154
  64. 64. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. Code of Practice for Revenue Audit www.revenue.ie OmniPro Education & Training Page 62 of 154
  65. 65. A Personalised CPD Certificate of Completion will be forwarded to you upon completion of this course. These notes do not serve as proof of completion alone. To serve the community by fairly and efficiently collecting taxes and duties and implementing Customs controls OmniPro Education & Training Page 63 of 154

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