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25/04/2008
Tax Audits For Ireland's Richest
Ireland's highest earners will be subject to a major crack down on self-assessment tax returns.
Individuals identified as high-spending yet still paying low tax, will be subjected to a detailed audit and hit with a bill and penalties if found guilty of evasion.
The move is part of a series of aggressive attempts by the Revenue Commissioners to narrow the numbers who are actively engaging in tax evasion.
The crackdown will target the 580,000 individuals who file self-assessment tax returns, as well as 140,000 companies that file returns. PAYE workers will not be liable for audits as their taxes and deducted from their payment's source.
The Revenue Commissioners have also revealed plans to employ a new, high-powered computer system called the Risk Evaluation Analysis and Profiling System (REAP).
The system will cross-reference Tax Relief at Source (TRS) against income and if it finds that an individual has a very high mortgage that is not compatible with their declared income, a more in-depth investigation will be carried out. It could reveal that the owner is renting out their home and not declaring it, or are servicing the mortgage with the proceeds of crime.
In a major blow for those with overseas accounts, the new system will also reveal information on how much money the 80,000 Irish foreign account holders have in foreign banks. Their tax liability can then be calculated.
Ms Feehily, Chairperson of the Revenue Commissioners, said that although the days of the "big windfalls" from tax evasion schemes are over, they will continue to pursue tax dodgers. She added they are also focusing on cash businesses because this area has a high instance of under declaration.
(DW/JM)
Individuals identified as high-spending yet still paying low tax, will be subjected to a detailed audit and hit with a bill and penalties if found guilty of evasion.
The move is part of a series of aggressive attempts by the Revenue Commissioners to narrow the numbers who are actively engaging in tax evasion.
The crackdown will target the 580,000 individuals who file self-assessment tax returns, as well as 140,000 companies that file returns. PAYE workers will not be liable for audits as their taxes and deducted from their payment's source.
The Revenue Commissioners have also revealed plans to employ a new, high-powered computer system called the Risk Evaluation Analysis and Profiling System (REAP).
The system will cross-reference Tax Relief at Source (TRS) against income and if it finds that an individual has a very high mortgage that is not compatible with their declared income, a more in-depth investigation will be carried out. It could reveal that the owner is renting out their home and not declaring it, or are servicing the mortgage with the proceeds of crime.
In a major blow for those with overseas accounts, the new system will also reveal information on how much money the 80,000 Irish foreign account holders have in foreign banks. Their tax liability can then be calculated.
Ms Feehily, Chairperson of the Revenue Commissioners, said that although the days of the "big windfalls" from tax evasion schemes are over, they will continue to pursue tax dodgers. She added they are also focusing on cash businesses because this area has a high instance of under declaration.
(DW/JM)
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