The Society is urging the Government to adopt a technical consultation period for important tax law changes.
In its pre-Budget 2020 submission, the Law Society of Ireland is urging the Government to ensure that adequate time is given to both practitioners and Revenue to consult properly on changes to key tax provisions.
A formal technical consultation period is being urged for important tax law changes, particularly the Finance Bill.
“The Finance Bill is one of the most important pieces of legislation introduced annually. The Budget announcements, and the publication of the Bill, are a key indicator of the health of the economy and are closely analysed here at home and internationally,” explains Ruth Higgins, solicitor and chair of the Society’s Taxation Committee.
“The Law Society has repeatedly highlighted the need for input from the representative bodies in the introduction of tax legislation, and particularly the Finance Bill. Providing adequate time for tax legislation to be considered by practitioners ensures certainty in our tax system and avoids unintended consequences.”
Formal technical consultation period
The Law Society is recommending that a formal technical consultation be introduced before the Finance Bill is published. “This would allow practitioners an opportunity to assist the Oireachtas in achieving its legislative aims,” explains Ms Higgins.
“Improved engagement through TALC on the Finance Bill 2018 was very welcome and, as solicitors representing tax payers in their dealings with the State and its agencies, we are willing and ready to engage and contribute to the development of the Finance Bill 2019.”
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