Developers with Nama face new powers of Revenue scrutiny

FINANCIAL INFORMATION:PROPERTY DEVELOPERS involved with the National Asset Management Agency (Nama) will face a new degree of scrutiny from the Revenue Commissioners when the Finance Bill is enacted.

The Bill contains a measure requiring Nama to pass on to Revenue “certain information” in relation to property transactions to ensure they have been “properly dealt with” for tax purposes.

In practice, this will see Nama informing Revenue when it comes across information relating to issues such as offshore vehicles that have been connected with the property transactions within its remit.

The measure forms part of a whole range of new powers awarded to Revenue under the Bill, with other affected parties including taxi drivers and transport companies.

The legislation will provide Revenue with the ability to access financial information on the taxi industry, as held by the taxi regulator.

The new arrangement comes as a result of a request from the industry itself, rather than representing a new Revenue inquiry into tax compliance.

A spokesman for the Department of Finance last night confirmed that the taxi organisations were keen to ensure that all taxi drivers were operating in a legitimate manner, and had asked Revenue to seek the change.

The measure will also have the benefit of offering the Department of Finance a full view of the revenues involved in the taxi industry, giving officials an opportunity to judge whether or not a full tax take is being received from the sector.

The information will be passed on to Revenue by the Commission for Taxi Regulation.

The Bill also beefs up Revenue’s powers in relation to transport companies, with a view to clamping down on smuggling.

Transport companies are already passing on certain information on freight and passengers to the authority but the new legislation will formalise this.

Under the legislation, Revenue will also lengthen the list of taxes and duties that must be paid before it will issue a tax clearance certificate.