DÁIL SPEECH ON THE FINANCE BILL 2016
26 Oct 2016
I am glad of the opportunity to make some brief comments on the Finance Bill 2016.
One of the 57 sections in the Bill which has attracted much comment among our constituents is section 54, which makes changes to the Taxes Consolidation Act 1997, the Value-Added Tax Consolidation Act 2010 and the Stamp Duties Consolidation Act 1999. The section refers to “penalties for deliberately or carelessly making incorrect returns” and defines “offshore matters” to include relevant accounts, income and gains, relevant property situated and any other “income, gains, accounts or assets” arising or held in a country or territory other than the State. The amendments to the principal Act withdraw from 1 May 2017 the penalty mitigation arrangements currently available to tax defaulters holding accounts and assets offshore.