€2.4bn from Special Investigations
According to the Revenue's preliminary business results for 2007, special investigations yielded a total of €132.24m which includes Offshore Assets yields of €54m, the Single Premium Insurance Policy investigation €30.5m, Ansbacher €35.2m and Bogus Non-Resident accounts €10m. The cumulative total from special investigations currently stands at €2.4bn.
The following, taken from the Revenue website, is a summary of the results:
- Tax revenue, at €47,247m was up 3.7% on the previous year. All taxes were ahead of 2006 except Stamp Duty, down €530m; and Corporation Tax, down €292m. However overall tax revenue in 2007 was down €1.8bn on profile.
- Special investigations yielded a total of €132.24m in 2007. Of this total, Offshore Assets yielded €54m, the Single Premium Insurance Policy investigation €30.5m, Ansbacher €35.2m and Bogus Non-Resident accounts €10m. The cumulative total from special investigations currently stands at €2.4bn.
- The construction sector project yielded a total €129.6m from 3,807 audits during 2007 in tax, interest and penalties. There were over 40,000 assurance checks in the construction sector during 2007 yielding an additional €21.8m. Total yield was €154.1m
- Total audit and assurance check activity yielded €736m, an increase of €44m on 2006.
- There were fourteen convictions for serious tax and duty evasion in 2007, and at year-end there were 101 cases being processed with a view to prosecution.