Revenue recently published a very detailed, very well thought out article on Tax Avoidance and I would be of the opinion is that this is the first step on the ladder of a more detailed audit of Avoidance Schemes.
In recent years, schemes have been set up to keep earnings out of the reach of the taxman; many of these are under increased scrutiny. From my own experience, I have seen schemes offered to clients by various 3rd parties offering high returns and low tax rates (not to mention high fees for the promoters). If it seems too good to be true… it probably is!!
Two of the most common schemes involve the use of offshore companies.
The first involves property transactions and the second is the use of Employee Benefit Trusts.
They are used to minimise the income tax, PRSI and USC deductions on remuneration to employees and directors.
Most EBT schemes are offered by UK based promoters, and your money usually “rests” in places such as Jersey, Singapore or The Isle of Mann.
If you were involved in one of these schemes and are subject to Irish Tax law, it’s time to read all of the recent information and look at your options before the envelope with a harp arrives through your door!
At Icon Accounting, we never encourage, facilitate or advise on any of these schemes. We will however offer assistance if you wish to regularise your tax affairs.
If you wish to contact us, please call 01-8077106 or email info@iconaccounting.ie
http://www.revenue.ie/en/business/tax-avoidance/index.html
John Bell FCCA
Finance Director
Icon Accounting
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