Our photo shows: Theresa O’Gorman, tax director, Grant Thornton with Helen Downes, chief executive, Shannon Chamber.

Over 100 members and guests attended the recent presentation by Grant Thornton’s tax director, Theresa O’ Gorman on Revenue’s new Code of Practice, which reflected the appetite by the business community to better understand the impact of the revision on revenue audits.

The purpose of this Code of Practice is to set out a clear, fair and equitable set of guidelines to be followed by Revenue, taxpayers and tax practitioners, in the carrying out of all Revenue compliance interventions, having regard to best practice and legislation.

The provisions of this Code of Practice are not to be used unnecessarily to delay or obstruct the due process of the application of tax legislation by Revenue carrying out duties on behalf of the State. Taxpayers or tax practitioners acting on their behalf cannot abuse the rights recognised in this Code of Practice to avoid or delay payment of tax, interest or penalties which are correctly owed. The Code of Practice does not restrict the taxpayer’s statutory rights.

Commenting after the event, Shannon Chamber’s chief executive Helen Downes stated: “As this Code of Practice will be reviewed on an ongoing basis and may be modified to reflect changes in legislation and emerging practices, we will, via Grant Thornton’s expertise, to ensure that we share any further updates so businesses are informed.