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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Contributed by Robert Kearns