Revenue publish Defaulters List
Today’s edition of Iris Oifigiúil contains details of published audit /investigation settlements completed by Revenue. It also contains details of penalty determinations made by the courts in respect of taxpayers who have deliberately or carelessly made incorrect returns in the period 1 July 2011 to 30 September 2011.
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:
- every person in the case of whom a penalty was determined by a court during the period 1 July 2011 to 30 September 2011. Penalty determinations are published in this list only where the penalty determined by a court exceeds 15% of the tax by reference to which the penalty determination has been made and where the aggregate of the tax, the interest due on that tax and the penalty determined exceeds €30,000, and
- every person in whose case the Revenue Commissioners accepted a specified sum in excess of €12,700/€30,000/€33,000 (depending on the periods in which the liabilities arise) in settlement of any additional liability for tax, interest and penalties in the course of an audit settlement, instead of instituting proceedings for the recovery of the penalties and the amount of penalty included in the settlement exceeded 15% of the tax.
Where a taxpayer has, in advance of any Revenue Investigation, voluntarily furnished complete information relating to undisclosed tax liabilities, settlements or penalty determinations are not published.
In the 3-month period to 30 September 2011, 84 taxpayers fall to be published. The settlements or determinations in these cases total €18.95 million.
Of the 84 published cases, 40 were for amounts exceeding €100,000; of which 8 exceeded €500,000 and 4 of that 8 exceeded €1,000,000.
Of the 84 cases:
- 2 settlement totalling €0.58 million relate to Bogus Non-Resident holders
- 14 settlements totalling €6.49 million relate to Revenue investigations into Offshore Funds, and
- 4 settlements totalling € 0.79 million relate to Revenue’s Single Premium Insurance Products Investigation Cases.
The published settlements reflect a portion only of all Revenue audits and investigations concluded in the 3-month period to 30 September 2011. The total yield from Revenue audit and investigation programmes settled in the period 1 July 2011 to 30 September 2011 was €92.7 million.
Ends: 13/12/2011