The headline item for this year's Revenue Annual Report is of course the item that falls outside the year of assessment - the administration of the new Local Property Tax. Revenue claim they have never before handled a project of this scale in such a short timeframe.

Regarding the normal day job, Revenue's audit and compliance activity brought in just under €500 million in 2012 and the yield from Revenue's collection enforcement was €223.9 million. ROS brings in the bulk of the tax collected - almost €36 billion.

Other points from the Annual Report include:

• The focus of the 9,000 plus audits carried out by Revenue last year was cash businesses; nearly €150 million was collected from such businesses. The total yield from Revenue Audits, all of which were “informed” by risk profiling using REAP, was €359 million.
• A focus on companies with contracts for service with larger entities yielded €908,428. This “review” is being extended nationwide.
• 16,081 taxpayers or €124 million was the subject of phased payment arrangements.
• 24 Notices of Opinion under the general anti-avoidance legislation (section 811 TCA 1997) were issued in 2012. A total of 48 Protective Notifications were received under section 811A TCA1997. Since the introduction of the Mandatory Disclosure Regime (section 817D TCA 1997) in January 2011, 8 Mandatory Disclosures have been received by Revenue.

The full text of the Revenue's Annual Report 2012 is published on the Revenue website.