The Finance Minister has approved new rules aimed at making it easier for Revenue to tackle tax avoidance schemes.
Brian Lenihan said he had agreed to Revenue's implementation of regulations covering the mandatory disclosure of certain transactions.
The move follows a consultation process which followed the measure's initial introduction in last year's Finance Bill.
Under the rules, promoters of tax-related schemes which are aimed at gaining a tax advantage must give details to Revenue explaining how the proposed schemes will work. Such promoters are usually accountants, solicitors, banks and financial institutions.
The aim of the new rules is to alert Revenue of tax avoidance schemes which it may find unacceptable, so that it can move to close them down.
The Minister will be bringing forward a number of changes to the measure in this year's Finance Bill - including amending the start date to January 17 this year. He also said that he may need to look at impact of the new rules on competition between tax lawyers and other professionals, due to the recognition in the legislation of the principle of legal professional privilege between a solicitor and a client.
Minister Lenihan is also proposing a review of the mandatory reporting regime within two years.
