Clinton Flynn Chartered Accountants

Revenue publish Defaulters List

Posted by Brian Flynn in Tax on 10 Mar 2009

Today’s edition of Iris Oifigiúil contains details of published audit /investigation settlements completed by Revenue in the period 1 October 2008 to 31 December 2008. There were 89 settlements accepted, which fall to be published. The settlements in these cases have been agreed by the respective taxpayers and total €18.66 million. Of the 89 published settlements 46 were for amounts exceeding €100,000; of which 6 exceeded €500,000 and 2 of that 6 exceeded €1,000,000.
Of the 89 settlements:

• 8 settlements totalling €1.35 million relate to Bogus Non-Resident holders
• 26 settlements totalling €2.97 million relate to Revenue investigations into Offshore Funds
• 13 settlements totalling €5.96 million relate to Revenue’s Single Premium Insurance Products Cases

The published settlements reflect a portion only of all Revenue audits and investigations concluded in the 3-month period to 31 December 2008. The total yield from Revenue audit and investigation programmes settled in the period 1 October 2008 to 31 December 2008 was €145.2million. The total figure includes tax, interest and penalties.