Irish Revenue Publishes 2014 Annual Report
The Irish Revenue collected EUR41.4bn (USD45bn) in tax in 2014, up 9.3 percent on 2013, according to the latest figures.
Revenue’s Annual Report for 2014 shows that each of the main taxheads recorded growth. Income tax was up 8.8 percent year-on-year, with corporation tax and value-added tax (VAT) each up 8.1 percent, and stamp duty up 26 percent. High levels of timely payment and returns compliance rates were recorded, ranging from 99 percent to 84 percent, depending on case size.
A 96 percent compliance rate was achieved in respect of the 2014 Local Property Tax (LPT). The 2015 LPT compliance campaign is ahead of target, with a current compliance level of 94 percent.
Revenue’s 2014 compliance program involved over 437,000 compliance interventions, yielding more than EUR610m. This figure represents an 11 percent increase over 2013.
The total cumulative yield from investigation into offshore assets exceeded EUR1bn during the year. 483 tax avoidance cases were settled in 2014, resulting in a yield of EUR13m and the future restriction of losses of EUR1.6m. 27 criminal convictions were obtained for serious tax and duty evasion.
Revenue will recruit more than 400 new staff in 2015. They will be a mix of tax and legal professionals, data analysts, economists, and information technology experts.
