TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

€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.