Revenue Publishes 2016 Annual Report

Announcing the publication today (27/04/2017) of Revenue’s Annual Report for 2016 Niall Cody, Chairman, said: "Revenue collected €47.95 billion for the Exchequer in 2016."
He went on to note that: "Significant year-on-year increases were recorded in each of the main taxes. Taxes on income were up 4.5%, VAT up 4.2% and Corporation Tax up 7%."

Mr Cody acknowledged the contribution of individual taxpayers, businesses and tax and customs practitioners in the achievement of these results and said that
"...the overwhelming majority of taxpayers want to do the right thing and be tax compliant. This is demonstrated by the very high timely return filing and payment rates in the 90%+ range."

Debt Management

Referring to the significant 8% reduction in debt available for collection, the Chairman said that Revenue has leveraged the insights gained from the use of data analytics to facilitate an earlier intervention by Revenue when taxpayers start to develop a pattern of paying late. Describing Revenue’s debt management activity as "fair and even-handed", he said that Revenue works very effectively with viable businesses and taxpayers who run into payment difficulties and who are co-operative in dealing with issues which have arisen. Taxpayers and businesses that fail, or refuse, to engage with Revenue will face real challenges including the additional cost of the enforcement action that will be taken by Revenue.

Customer Service

Pointing to Revenue’s better, quicker and easier online and telephone services, Mr Cody said: "We want to make it easy for taxpayers to ‘get it right first time’, pay the tax and duty they owe and claim all their correct entitlements. Helping and supporting taxpayers to get things right from the start remains a core priority for us."

Tackling Tax Non-Compliance

Announcing an overall yield of €555.6 million from Revenue audit and compliance interventions in 2016, Mr Cody referred to Revenue’s research on taxpayer behaviour, which is also published today. Speaking about the success of Revenue’s framework to combat criminality in the fuel sector, the Chairman referred to Revenue’s newly published research report entitled "The Oil Market in Ireland".

Looking Ahead

As regards plans and challenges ahead, Mr Cody spoke about the expected significant impact on trading relationships arising from the UK exit from the EU, and said that Revenue will respond proactively to all challenges.

Regarding increasing the efficiency of tax administration, the Chairman said of PAYE Modernisation and the move to real time reporting of PAYE:
"It will improve the accuracy, ease of understanding and transparency of the PAYE system for all stakeholders."
Referring to the disclosure of foreign income and assets, Mr Cody announced that the deadline is being extended until next Thursday, 4 May at 17:30. Regarding this final opportunity before new exchange of information rules vastly increase the data available to Revenue about taxpayers’ offshore interests, he said: "Any person or business affected is strongly advised to avail of this last opportunity to contact us and make a full disclosure, before we contact them."

In closing, Mr. Cody, on behalf of the Revenue Board, thanked all Revenue staff for their dedicated hard work and commitment. Referring to the ongoing loss of experienced staff to retirement, Mr Cody said: “We recognise the need to build capability and innovate, and we will continue to recruit and to invest in training and technology.”

Ends: 27/04/2017

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