The Revenue Commissioners have updated the Collection Manual
Guidelines for Exchange of Information between ODCE and the Revenue
Commissioners in accordance with the Companies Act, 2014. The
updated Manual appears to suggest that Revenue has adopted a new
policy that could increase the risk of self-incrimination following
a "qualifying disclosure" of an undeclared tax liability
by a director or employee of a corporate taxpayer to Revenue. This
new approach may mean that if a director or company secretary is
considering making a qualifying disclosure to Revenue that may
involve a potential breach of the Companies Act 2014, legal advice
should be sought to limit the risk of self-incrimination. This
article considers the legal basis for the exchange of information,
and the type of offences under the Companies Act 2014, for which
Revenue can proactively disclose information to the Office of the
Director of Corporate Enforcement.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
