ICAI has sought clarification on application of the 2002 Revenue Audit Code of Practice in relation to the Deposit Investigation. Click on the title to see Revenue's response:
ICAI Question: Is it Revenue's position that the conduct of this particular investigation, including the agreeing of settlements, is to be conducted under the 2002 Code of Practice without reference to the Finance (No.2) Act legislation?
Revenue's Response: Where the 'tax default' occurs before the passing of the Finance Act (No. 2) 2008 (e.g. incorrect return filed or no return filed by filing date) penalties will be applied in accordance with the 'old' legislation. The 2002 code of Practice will be used. However, where the taxpayer disagrees with the penalties or does not pay, it will be necessary to avail of the new legislation to seek a court determination that a penalty is due and to get a recovery order.