Multinationals, IPOs, and private equity: What’s new for business in the Finance Bill?
Any business owner hoping to evade tax by simply not telling Revenue how much profit they make will now face an immediate tax bill regardless. A new rule introduced in the Finance Bill allows the tax authority to make its own estimate “at any time” after a taxpayer fails to file an annual return by the due date. This applies to both corporation tax and personal income tax. The estimated tax will be the average of the previous two years or €1,000, whichever is higher. The taxpayer will then have 30 days to submit a return and have the estimate…
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