Strategizing International Tax Best Practices – by Keith Brockman

Irish Tax and Customs has published a comprehensive report of Best Practices to be followed by the tax authorities and taxpayers in audit inquiries.  The report includes definitions, types of audits conducted, bases of risk assessment and analytics used by the tax authorities.  The following excerpt provides a brief overview of the content, which is referenced at the link provided.

  1. 1.1  Purpose of this Code of Practice

    The purpose of this Code of Practice is to set out a clear, fair and equitable set of guidelines to be followed by Revenue, taxpayers and tax practitioners, in the carrying out of all Revenue Compliance Interventions, having regard to best practice and legislation.

    The provisions of this Code of Practice are not to be used unnecessarily to delay or obstruct the due process of the application of tax legislation by Revenue carrying out duties on behalf of the State. Taxpayers or tax practitioners acting on their behalf cannot abuse the rights recognised in this Code of Practice to avoid or delay payment of tax, interest or penalties which are correctly owed. The Code of Practice does not restrict the taxpayer’s statutory rights.

    This Code of Practice will be reviewed on an on-going basis and may be modified to reflect changes in legislation and emerging practices.

  2. 1.2  Taxes and Duties Covered by this Code of Practice

    This Code of Practice applies to Income Tax, Corporation Tax, Capital Gains Tax, Local Property Tax, Exit Taxes, VAT, Capital Acquisitions Tax, Excise Duties and Licences, Carbon Taxes, Vehicle Registration Tax, Stamp Duties, Customs Duties, Universal Social Charge, Income Levy, Domicile Levy, PRSI (both employers and employees), Health Contributions, Environmental Levy, Training Levy and includes all forms of withholding (e.g. RCT, PSWT, DWT) that apply to any of these taxes, interest in respect of such taxes and penalties.

The publication is informative and an invaluable reference for any type of audit inquiry that is conducted.

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