Revenue scrutiny of recent scandals yields over €2bn

The Revenue Commissioners has raised over €2 billion in follow- up investigations into some of the top financial scandals of …

The Revenue Commissioners has raised over €2 billion in follow- up investigations into some of the top financial scandals of recent years, the Dáil Public Accounts Committee was told yesterday.

The chairman of the Revenue Commissioners, Frank Daly, said that Revenue special investigations had yielded €2.261 billion up to the end of last month and the final figure would come to around €2.5 billion.

He told the committee that 33 cases relating to the Clerical Medical/NIB scheme had not yet been finalised, and that 70 Ansbacher cases were still being examined.

Mr Daly said that around €10 million a month was still being received since last December as a result of the work of the special investigations unit.

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He also told the committee that around a quarter of Revenue auditors were involved in examining the construction industry.

Mr Daly said that 383 audits had been carried out in the sector this year, approximately 30 per cent of the total number of audits conducted. The firms involved had paid €102 million in taxes as a result.

Mr Daly also said that €2.6 billion had been received in stamp duty so far this year. He revealed that €2 billion came from property transactions, while €324 million came from taxes on the sale of shares.

Tax from the sale of residential property accounted for 35 per cent of the stamp duty received up to the end of August.

The yield from property transactions was 34 per cent ahead of target.

Mr Daly also told consumers that they should claim their share of a €50 million VAT rebate to be paid to opticians. He said that VAT had been charged at 21 per cent on the examination, prescription and supply of glasses and contact lenses.

This was challenged by opticians, and the Appeals Commissioner ruled that VAT was only payable on the sale of glasses or contact lenses, and that dispensing services were exempt.

The Revenue chairman said he believed consumers did have a legal right to a refund.

Stephen Collins

Stephen Collins

Stephen Collins is a columnist with and former political editor of The Irish Times