A recent update from the Revenue Commissioners, confirmed they have sent 142 letters to social media influencers. This letter served as a gentle reminder to make sure income, gifts, freebies, and even virtual currency or token payments – are properly accounted for. Technically, this is called a Level 1 Compliance Intervention – a nudge to stay on top of things!
Another 78 letters have now been further sent under Level 2 Compliance Interventions regarding income declaration. This is to address non-compliance and making sure everyone is declaring their income properly.
Behind the scenes, the Revenue’s Risk System Unit have been actively formulating a social media strategy since July 2021.
According to a spokesperson for the Revenue Commissioners, their mission is to collect taxes and duties equitably and efficiently. The Revenue supports voluntary compliance by facilitating accessible services for taxpayers and employs a suite of risk identification, assessment, and evaluation programs, supplemented by data analytics. In cases displaying noncompliance indicators or instances of aggressive tax planning, appropriate risk interventions may be initiated to rectify the situation.
If you ever need help with the above or have further queries, contact us at info@itasaccounting.ie