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Irish Revenues Grow With Resurgent Economy

by Jason Gorringe,, London

03 May 2016

Irish revenues increased by 10.6 percent in 2015 against 2014 levels, according to the Irish tax agency's new Annual Report for 2015.

Releasing the report, Niall Cody, the Chairman of the Revenue Commissioners, said: "This is the fifth successive annual increase in returns to the Exchequer and the second-highest figure for net receipts in the history of the state (only 2007 was higher, at EUR47.5bn (USD54.5bn)). Almost all taxes and duties recorded substantial increases, with corporation tax (CT) up 49 percent, capital gains tax up 28 percent, and value-added tax (VAT) up seven percent."

To accompany the Annual Report, Revenue published an analysis of corporation tax receipts in 2014-15. It concluded that, "while there are factors specific to companies or sectors, the growth in receipts in 2015 reflects improved trading conditions, in particular of foreign-owned multinational companies. While CT is concentrated among payments of large multinational companies, the analysis shows that the growth in receipts in 2015 is broad based in nature and not solely arising from foreign-owned multinationals. Payments from indigenous companies, while lower in monetary terms, are growing at similar rates."

"Overall, more companies are paying tax and average payments are higher," it added.

The Annual Report also detailed Revenue's compliance activities. In 2015, staff conducted more than 460,000 compliance interventions, which yielded over EUR640m in tax, interest, and penalties.

Cody noted the media interest in the leak of the so-called "Panama Papers," and said Revenue "will carefully consider how to make the maximum use of all data sources to identify any cases of tax evasion by Irish residents using offshore structures."

He explained that Revenue is "examining the implications of the developments in Automatic Exchange of Information of offshore information for the Audit Code of Practice," and stressed that "the new information sources that are coming on stream will shine a light on individuals and businesses that have used offshore facilities."

TAGS: individuals | capital gains tax (CGT) | compliance | tax | business | value added tax (VAT) | tax compliance | Ireland | tax avoidance | interest | corporation tax | tax authority | offshore | multinationals | revenue statistics | penalties | individual income tax | Panama | Tax | Tax Evasion

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