President Marie Bradley told the Institutes’s annual dinner that there should be more transparency around the making of tax laws, the Sunday Independent reports.

She said: “We believe that tax legislation should be published for consultation in advance of the Finance Bill. This could be done on an issue-by-issue basis throughout the year, like the way consultation already takes place on important policy matters.

“Consider the consultation process in relation to international tax policy changes. The consultation was welcomed by stakeholders and it was beneficial for all parties. We need to build on that experience, and we need to ensure that legislation impacting our indigenous sector receives the same attention.”

Ms Bradley suggested there would be benefit to consulting throughout the year and incorporating the outcomes into the Finance Bill.

She said: “This greater scope for discussion would reduce the risk of the policy objective not being achieved or of unintended consequences arising. The effective enactment of innovative tax policy requires legislative exactitude. That is best achieved by better consideration.”