Contacts between the Revenue Commissioners and the tax practitioners about the application of certain provisions in Part VII of the Finance Act, 1992 — the so called "Revenue powers"— are continuing. As the Deputy may now be aware, following the discussions that have already taken place with the tax practitioner bodies, a Statement of Practice about the new reporting requirements for "third party" information was issued last week by the Revenue Commissioners. These automatic reporting requirements have been the subject of much of the debate about Part VII of the Act. The comments of the Institute of Taxation in Ireland, and the Consultative Committee of Accountancy Bodies in Ireland, together with the representations of the Law Society, were taken into account by Revenue, as appropriate, in preparing the Statement of Practice. However, the statement was issued solely on the responsibility of the commissioners who have indicated that they will be keeping the operation of the arrangements under review in consultation with the tax practitioners.
