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Irish Tax Agency Reports On Record Year

by Jason Gorringe, Tax-News.com, London

06 January 2017


The Irish Revenue has released its preliminary results for 2016, which show that it collected a record EUR47.9bn (USD50.7bn) for the Exchequer. In 2015, Revenue collected EUR45.6bn in revenue.

The preliminary results include data on tax collected, timely compliance rates, numbers of customer contacts, outcomes from compliance initiatives, enforcement interventions, and resources deployed.

At EUR19.2bn, income tax accounted for the highest proportion of revenue collected in 2016, with value-added tax collections worth EUR12.4bn.

During 2016, Revenue completed 537,183 compliance interventions, yielding EUR555m. There were 17 criminal convictions for serious tax and duty offences, and 1,672 summary convictions. A total of EUR5.1m was imposed in fines. 2016 also saw the publication of 372 settlements on the List of Tax Defaulters. Forty tax avoidance cases were settled, yielding EUR10m.

The timely compliance rate among Revenue's large business cases (companies with an annual tax liability of more than EUR500,000) was 99 percent, while that among medium cases (annual tax liability of more than EUR75,000 but less than EUR500,000) was 97 percent.

Commenting on the results, Revenue Chairman Niall Cody, said: "Revenue collected a record EUR47.9bn for the Exchequer in 2016. Timely voluntary compliance remains strong. We continue to make compliance easier and less costly. In 2016 we extended our electronic service channels. The introduction of RevPay facilitates online payments for non-ROS customers, and Jobs and Pensions, a new online facility, allows first- time employees to register for tax online."

"Taxpayer behaviour determines the nature and potential severity of our intervention. Those who engage in evasion can expect a robust response from Revenue where we will seek to apply the full legal sanctions available."

"Building on developments in international Exchange of Information, significant changes were made in the 2016 Finance Act in relation to the disclosure regime for Revenue audit. From May 1, 2017, tax defaulters who use offshore facilities to hide income, accounts or other assets will no longer have the facility to make a voluntary disclosure. This means that those who do not come forward before the end of April will face penalties of up to 100 percent of the tax evaded, publication in the List of Tax Defaulters and potentially criminal prosecution."

TAGS: compliance | tax | business | value added tax (VAT) | Ireland | tax avoidance | employees | audit | enforcement | tax authority | offshore | penalties | individual income tax

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