Measures aimed at combating a growing trend in the under-reporting of credit card transactions are among a number of new powers for the Revenue Commissioners contained in the Finance Bill.
Evidence is emerging that some businesses may be underreporting card payment transactions, with the evasion taking the form of non-reporting of the on-line business income, according to the Department of Finance.
The problem is of relatively recent origin but is recognised as significant and may be regarded as a modern equivalent of cash “under the counter” payments, the department said.
The new proposed measure will allow the Revenue check what it has been told with records held by credit card suppliers such as Visa and Mastercard.
The bill also includes new licencing requirements for traders in marked fuels, new powers for authorised Revenue officers to obtain District Court orders for the production of information, and provisions to allow the Collector General to seek statements of affairs from persons with which he is coming to bad debt arrangements.
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