Last week, in a wide-ranging interview with The Currency, the chairman of the Revenue Commissioners Niall Cody spoke about the tax authority’s efforts to curb overly aggressive tax planning by wealthy individuals and corporations. Cody explained how Revenue sought to quickly “close off legislative loopholes” but admitted that the nature of the system meant that the authority often found itself playing catch-up. In particular, he highlighted potential arbitrage within the tax code, where practitioners were able to play one provision against another. “There is tax planning that is absolutely acceptable and is within the scale of what the law provides.…

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