In the C&AG Annual Report for 2006, the Department of Finance comes under scrutiny for the discrepancies in forecasting tax revenues – for 2003 to 2006, there has been an excess surplus. The main reasons given for the surpluses include special investigations money and the continuing strength in the property market.

The Annual Report notes that over €1bn is due in taxes and PRSI as at 31 March 2007; the report also outlines the reasons for writing off almost €120m in taxes and PRSI in 2006, including liquidation/receivership/bankruptcy and ceasing to trade with no assets.

The Annual Report of the C&AG always merits scrutiny from a tax perspective, as significant tax administration changes in recent years emerge from them. The mushrooming in size and detail of the Forms CT1 and Form 11, and the sectoral scrutiny of the Construction industry are recent examples.

A copy of the Annual Report is available at
http://www.audgen.gov.ie/documents/annualreports/2006/AnnualReport_2006.pdf.