Last week, the Institute hosted a webinar with Revenue on the new Code of Practice for Revenue Compliance Interventions (“the Code”). The event was Revenue’s first public speaking event since the Code went live on 1 May 2022. Sarah Waters, presenting for Revenue, gave an insightful presentation on the impact the new Code will have on compliance interventions. A recording of the webinar is available on our website.
Some of the key insights from the webinar include:
- The Code allows for a graduated approach to taxpayer behaviour and instances of non-compliance.
- Revenue will be addressing unintended interpretations of tax rules and regulations.
- Level 1 interventions will typically occur before a detailed analysis of a taxpayer’s situation has been completed.
- Level 2 risk reviews will allow for a similar information gathering exercise that an audit requires, without the scale or severity of a full audit. As such, Revenue see risk reviews as an opportunity to improve efficiency.
- Taxpayers can expect that Revenue audits will be notified and carried out in the same manner as under the old code.
- Revenue stated that the number of compliance interventions should not increase under the new Code.
- Notifications of compliance interventions will be issued by paper and using ROS.
We previously provided a summary of the Code when it was initially published back in February. You can read that story here for more information. We also published an article on the new Code in Tax.Point, the Institute’s monthly tax magazine. You can subscribe to Tax.Point here for regular insights and updates on Irish, UK, and international tax policy.