Revenue publish Defaulters List
Today's edition of Iris Oifigiúil contains details of published audit /investigation settlements completed by Revenue in the period 1 July 2008 to 30 September 2008.
The list is published in two parts:
Part 1 lists every person upon whom a fine or other penalty was imposed by a court. This includes the following categories:
- Failure to file a return
- Filing an incorrect return
- Illegal selling of tobacco
- Cigarette smuggling
- Various excise and licensing offences
Part 2 lists audit settlements where the Revenue Commissioners accepted a specified sum in excess of €12,700/€30,000 in settlement of any additional liability for tax, interest and penalties instead of instituting proceedings for the recovery of the penalties and where:
- a qualifying disclosure was not made by the taxpayer prior to the commencement of an audit and
- the amount of fine or penalty included in the settlement exceeded 15% of the tax.
In the 3-month period to 30 September 2008, there were 111 settlements accepted, which fall to be published. The settlements in these cases have been agreed by the respective taxpayers and total €24.21 million.
Of the 111 published settlements 44 were for amounts exceeding €100,000; of which 9 exceeded €500,000 and 2 of that 9 exceeded €1,000,000.
Of the 111 settlements:
- 5 settlements totalling €1.41 million relate to Bogus Non-Resident holders,
- 24 settlements totalling €12.28 million relate to Revenue investigations into Offshore Funds and
- 19 settlements totalling €3.44 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 30 September 2008. The total yield from Revenue audit and investigation programmes settled in the period 1 July 2008 to 30 September 2008 was *€123.30 million.
*The total figure includes tax, interest and penalties.