Thursday, 19 September, 2019

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Revenue owed €9.8m from tax defaulters in last quarter

Revenue is due to recoup €9.8m in outstanding tax from default cases arising in the three months to the end of June.

The largest single settlement related to a south Dublin website consultant, who is required to make an €888,619 settlement for the underdeclaration of income tax, after interest and penalty fees are taken into consideration.

Revenue listed 43 individual tax settlement cases for the second quarter; 21 of which were for sums of more than €100,000 and six of which concern settlements exceeding €500,000 in value. A total of 19 out of the 43 cases remained either totally or partially unpaid as of the end of June.

There are four Cork-based entries on the latest list. Two are related to PAYE employees, while the others are businesses. Fish wholesaler Castletownbere Fishermens’ Co-operative Society settled for €216,578 in a Revenue audit case dealing with underdeclaration of corporation tax, PAYE, PRSI, USC and VAT. The company’s initial tax bill amounted to €157,493 before interest and penalty fees.

Cork-based solicitor Donal Daly – with a work address of Florence Buildings at Hanover Place, Washington Street West – was hit with a bill for €265,848 for underdeclaration of income tax. That amount remained unpaid as of the end of June.

Meanwhile, new figures provided by the Department of Finance show that amended tax assessments by Revenue last year resulted in it demanding an additional €2.35bn in tax.

The additional tax take came from 915 amended tax assessments in 2018. These assessments were made by Revenue’s ‘large corporate’ and ‘large cases-high wealth individual’ divisions.

In a written Dáil reply to Fianna Fáil finance spokesperson Michael McGrath, Finance Minister Paschal Donohoe said that a significant portion of the increased liabilities arising from the amended assessments are under appeal to the Tax Appeals Commission.

In 2017, Revenue sought an additional €260m in addition to the original assessment of €2.49bn and in 2016, it sought an additional €70m in an amended assessment on the original tax assessment of €1.8bn concerning 458 cases.

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