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| Irish Business Tax Proposals No Silver Bullet, Says CPA Ireland |
by Jason Gorringe, Tax-News.com, London
Monday, February 22, 2010
The Institute of Certified Public Accountants in Ireland (CPA) has questioned
the wisdom of the report published by the Public Accounts Committee on February
17, which calls for a change in company law to make company directors personally
liable for the non-payment of certain types of taxes.
”With respect to the Public Accounts Committee, which undertakes valuable
work, they have got this wrong. Calling for yet more legislation when there
are already adequate provisions under existing laws to protect Revenue and prosecute
errant company directors is simply unnecessary. It will invariably add to the
burden of doing business in Ireland,” said John White, President of the
CPA.
“Where there is evidence that some directors are ‘manipulating
limited liability status to circumvent their tax responsibilities’ there
are already company law safeguards open to Revenue which can result in personal
liability on directors," White continued. "For example, Revenue can have the directors charged
with reckless trading or fraudulent trading, which can result in personal liability
where the limited liability protection has been abused.”
White also pointed out the very strong powers of the Revenue, including enforcement
procedures and priority creditor rights not available to other creditors. “Revenue
also has access to more information than most other creditors in that they get
details of trading activities (on VAT returns and corporation tax returns) that
is not available to other creditors and therefore are better positioned to protect
their asset. Revenue usually have 'local' information and have powers
of inspection/audit which are used very effectively in identifying those that
may be defaulting on their tax liabilities,” he said.
“The CPA does not condone any actitivies related to non-payment of fiduciary
taxes. We are however concerned about the practicalities of introducing such
a law and fail to see how it would work in practice. Would all proprietary directors
and shareholders be obliged to provide personal guarantees to the Collector
General? The practicalities of this recommendation and the potential consequences
have not been thought through.“
White concluded: ”We recognize the imperative for revenue collection; however we have to
achieve a balance between the necessity to collect taxes and a working economy
that is pro enterprise. More legislation is not the silver bullet which will
increase the tax take, rather the Revenue needs to be properly resourced to enact
the existing powers available to them”.
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