Today, the Revenue Commissioners unveiled the new Code of Practice for Revenue Audit and other Compliance Interventions.
The Code of Practice is effectively a set of guidelines and procedures governing:
- the conduct of Revenue Audits, including Assurance Checks, Aspect Queries and Profile Interviews,
- your rights and responsibilities as a taxpayer in the context of a Revenue Audit or similar exercise,
- the powers that Revenue may utilise in the course of a Revenue Audit,
- the procedures for resolving tax defaults and the criteria for making qualifying disclosure settlements,
- the operation of interest and penalties on arrears,
- procedures for publication of tax default settlements.
The Code of Practice is an important and useful document and if you are facing a Revenue Audit of your business or personal tax affairs, it is an essential read. I recommend that you should therefore study it very carefully, in conjunction with appropriate professional advice.
That said, it is important to note that the Code of Practice has no basis in legislation, and your rights and responsibilities as a taxpayer, in the context of a Revenue Audit, derive primarily from the Taxes Acts and other legislation, and not from the Code.
The new Code will come into effect immediately, from tomorrow, 14 August 2014.
If you have an ongoing audit or compliance intervention which is currently in progress, you have the right to choose whether any settlement you make in this regard is under the terms of the new Code, or the existing Code of Practice for Revenue Audit 2010.
Today’s eBrief announcing the new Code is here.
The Code itself is here.