Revenue publishes Annual Report for 2004
Frank Daly, Chairman of the Revenue Commissioners, today (9/6/04) announced the publication of Revenue’s annual report for 2004 having earlier presented it to the Minister for Finance, Brian Cowen TD.
The most significant developments for Revenue in 2004 were:
- Special investigations yielded a total of €697 million in 2004 of which €585 came from offshore related investigations
- Take up of our Revenue On-Line service (ROS) increased substantially (54% of Income Tax self-assessment returns filed on-line compared with 40% for 2003)
- Exceptionally strong tax collection performance. Net receipts came in at €35.7 billion (€2.2 billion ahead of the Budget estimate and €3.5 billion ahead of the 2003 outturn)
- The consolidation of the new organisational structure which has lead to greater flexibility within the organisation and the development of new approaches to how we do our business
- The establishment of a unique partnership with the University of Limerick in training, education and research in the taxation area.
- The introduction of a purpose-built Customs cutter, RCC Suirbhéir, launched in Cork in June, which has strengthened our capacity to protect the State against drug trafficking by sea.
Commenting on the current investigation into undeclared income invested in Life Assurance products, Mr Daly welcomed the fact that 10,000 notices of intention to disclose had been received by the deadline of 23 May. He reiterated Revenue’s determination to use all powers available to identify and pursue those who failed to come forward.
Speaking today, Mr Daly said:
"Revenue’s work is vital to the running of this country and the well being of its citizens. We collect the money that funds 94% of Government expenditure, we contribute to keeping society protected from drugs and we do our bit to help business and economic development".
"If there is one overriding objective for us, it is to foster voluntary compliance with tax and customs obligations. This objective is central to everything we do. Our approach is very clear. We aim to make voluntary compliance the easy and attractive option and to make sure that non-compliance doesn’t pay."
[Ends 09/06/05]
Annual Report 2004 (PDF, 444 KB)
Investigations (total yield figures at 31May 2005)
Bogus Non Resident Accounts
Yield to date: €808.2
Bank look-back audits 1998-2000: €225,
Voluntary disclosure customers: €227.2 (3,675 cases)
Post November 2001 investigations: €356 (8,300 cases) to date
Ansbacher
€47.8 (96 cases)
NIB/ Clerical Medical
€54.1 (298 cases)
Tribunals
€34.8 (16 cases)
Offshore Assets
First phase: €734.20 (13,146 cases) to date.
Next phase: Two High Court orders obtained: information being received in relation to one of them: others in preparation.
Undeclared Funds in Insurance Products
Voluntary disclosure phase 10,000 notifications of intention to disclose.
Chairman has signed order to allow sampling of insurance company records to commence.
Prosecutions for serious tax evasion (2005 to date)
- Four successful prosecutions to date in 2005*
- Bench warrants have been issued in two cases for failure to attend court
- Six cases are in the court process
- Director of Public Prosecutions has given directions to prosecute in another four
- Director of Public Prosecutions is considering a further 14 cases
- 46 other cases under investigation in Prosecutions Division for potential prosecution
* One case adjourned awaiting sentence. In the three completed cases, fines totalling €22,200 have been imposed. There has been one custodial sentence of three months, another sentence of 240 hours community service in lieu of a six months custodial sentence and another of 120 hours community service in lieu of three months custodial sentence.
