Business Irish

Saturday 18 August 2018

New Revenue division to focus on wealthy

The tax authority said it was restructuring the LCD division, stripping out high net- worth individuals, in line with economic changes. Photo: Stock Image
The tax authority said it was restructuring the LCD division, stripping out high net- worth individuals, in line with economic changes. Photo: Stock Image
Samantha McCaughren

Samantha McCaughren

The Revenue Commissioners have split their large cases division (LCD) into two separate divisions - one dealing with large corporates and a separate division dealing with extremely wealthy individuals.

The tax authority said it was restructuring the LCD division, stripping out high-net-worth individuals, in line with economic changes.

The LCD provides major taxpayers with opinions on their tax planning, which is often extremely sophisticated.

Revenue is restructuring some operations due to internal issues, such as the impact of a large number of retirements.

It is also reacting to external factors such as the international tax agenda, state aid issues, Brexit, the challenges presented by a recovering economy and emerging trends in how businesses operate and advances in technology.

"Our organisation is agile and we continually evolve our structure to match challenges in the economic environment, at both national and global levels," said a spokeswoman. "In all segments of the taxpayer population, the non-compliance behaviour of the taxpayer determines the nature, extent and the consequences of Revenue interventions.

"The realignment of our large cases division is one element of this new structure which will facilitate close alignment of our resources with risk," she added.

Revenue intervention, such as audits, yielded almost €500m in 2017.

Sunday Indo Business

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