A new Tax Advisor Liaison Committee (“TALC”) subgroup is to be established by Revenue in the coming weeks which will focus on identifying any opportunities “to simplify and modernise the administration of business supports”, an area the Institute has been lobbying for for many years. In the area of compliance, the Budget 2024 Tax Policy Changes publication confirms that Revenue will conduct a range of targeted compliance management activities in 2024.
The Terms of Reference of the new TALC subgroup (which is a meeting of Revenue and representative bodies including the Institute under the auspices of CCAB-I) will be agreed at TALC with a report on the recommendations expected to be delivered during the course of 2024.
In respect of the targeted compliance activities in 2024, it is expected that additional Exchequer receipts will arise from increased taxpayer compliance in the areas of eCommerce, payroll and expenses reporting and the cash/shadow economy.
In addition, Revenue estimates that €180 million in refunds could potentially be due to taxpayers for 2022 alone. As a result, the Minister announced that an extensive public information campaign will be launched shortly by Revenue in order to raise awareness of the range of tax credits and reliefs available to PAYE taxpayers, in order to ensure people can avail of their full entitlements and receive any refunds that are due.
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