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Is it time for a tax amnesty?

R Paul

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Joined
Feb 1, 2008
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29
In order to help the bewildered - who can't manage the comings and goings of their finances - is it time for a new tax amnesty to wipe the slate clean? In your opinion, what would be the chances be that the Government would look favourably at the idea? And, how would the various parties react? :)
 


FutureTaoiseach

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greatdearleader.blogspot.com
No it is not. Let's not reward evasion. Just because Labour supported it in govt with FF does not make it right. ;)
 

pauriceenjack

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Jan 10, 2008
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Many might come into the tax net if the penalties were droped. This would increase the tax base. Politicians should be excluded though.
 

TheBear

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May 25, 2004
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<Mod>Moved to the Economy forum.</Mod>
 

R Paul

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Feb 1, 2008
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pauriceenjack said:
Many might come into the tax net if the penalties were droped. This would increase the tax base. Politicians should be excluded though.
Why should politicans be excluded? You are not trying to suggest they are better at keeping track of their financial ins-and-outs than the rest of us?
 

pauriceenjack

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It would not be fitting for politicians to benefit from something that they could create themselves.
 

R Paul

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Feb 1, 2008
Messages
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pauriceenjack said:
It would not be fitting for politicians to benefit from something that they could create themselves.
Well, I am sure there wouldn't be a queue of them to avail of it. More importantly though, it would allow them to regularise their affairs and we could all move on from the questionable standards that prevailed on occassion in the past...
 

markeys

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Feb 11, 2008
Messages
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Yes. But exclude the politicians for the excellent reason above.

Though I suspect in that case bert might be making another dash to the courts to cry over victimisation.
 

Thekinghasnoclothes

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Jun 16, 2011
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2,886
The Comptroller and Auditor General, in the latest annual report, estimates the size of the Shadow Economy at 14% of GDP. (160 billion)

That is 22 billion of untaxed economic activity for last year alone. Clearly hundreds of billions of economic activity has evaded taxation since 1993.

Now is the time to harvest this windfall.


It has been 18 years since the last tax amnesty in 1993. There is withdobt a large pool of untaxed wealth, that has been earned since 1993 which the Revenue Authorities have not been able to tax, using all existing measures.

There must be many who are operating outside the tax net who cannot get into it, without facing ruinous penalties. This might also be a way of adding growth to the economy in the comming years. The last Tax amnesty yielded £500 million on the basis of a 15% Amnesty rate, at a time when the GDP per head was just 75% of the average in the EU.

It is difficult to quantify how much an Amnesty might raise but it could run into tens of billions.
 


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