(January 28, 2015) 

On January 28, 2015 Revenue eBrief No. 07/15 was published on the website of the Irish Tax and Customs. Via the eBrief the Irish Tax and Customs informs the public that amended Guidance Notes on Mandatory Disclosure Regime were published.

According to the eBrief the main changes made to the guidance notes regard: 

• clarification on the 'main benefit' test (paragraph 2.2.6)

• clarification on where the obligation to disclose rests where there is no promoter (paragraph 3.8.2)

• clarification around the new discretionary trust hallmark (paragraph 4.3.10)

• clarification on when a taxpayer is required to provide certain information in lieu of a transaction number (paragraph 5.3.1)

• clarifications around obligations to disclose and provide transaction numbers (paragraph 8.6 and 8.7)

• inclusion of additional examples, in Appendix 1, of what Revenue consider day-to-day tax planning

• inclusion of a number of additional items, in Appendix 2, which are not disclosable under certain specified descriptions.

For further information click here to be forwarded to eBrief No. 07/15 as published on the website of the Irish Tax and Customs, which will open in a new window. In this eBrief you will find a link to the amended Guidance Notes on Mandatory Disclosure Regime.

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