Revenue Commission Publishes Headline Business Results For 2007

by Jason Gorringe, Tax-News.com, London

09 January 2008

The Irish Revenue last week published its preliminary business results for 2007.

The most significant results in 2007 were:

• Tax revenue, at EUR47,247 million was up 3.7% on the previous year. All taxes were ahead of 2006 except Stamp Duty, (- EUR530 million and Corporation Tax (- EUR 292 million). However overall tax revenue in 2007 was down EUR1.8 billion on profile.
• Special investigations yielded a total of EUR132.24 million in 2007. Of this total, Offshore Assets yielded EUR54 million, the Single Premium Insurance Policy investigation EUR30.5 million, Ansbacher EUR35.2 million and Bogus Non-Resident accounts EUR10 million. The cumulative total from special investigations currently stands at EUR2.4 billion.
• The construction sector project yielded a total EUR129.6 million from 3,807 audits during 2007 in tax, interest and penalties.
• There were over 40,000 assurance checks in the construction sector during 2007, yielding an additional EUR21.8 million. Total yield was EUR154.1m.
• Total audit and assurance check activity yielded EUR736 million, an increase of EUR44m on 2006.
• There were fourteen convictions for serious tax and duty evasion in 2007, and at year-end there were 101 cases being processed with a view to prosecution.

Speaking with regard to the 2007 results, Chairman of the Revenue Commission, Frank Daly observed that:

"These figures represent a successful year for Revenue across our wide range of business areas. They are mirrored by the delivery of effective customer service to a continuously increasing and diverse customer base".

Mr Daly added: "Revenue’s role is more than a tax and duty collection agency. We provide a key input to the economic and social fabric of the country.

And concluded:

"Certainly our work delivers the resources for schools, roads, hospitals and the myriad of other services that add to everybody’s quality of life - but it also plays a critical role in encouraging economic development and protecting society."

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