State chases €135m in tax avoidance

The exchequer could be in line for a €134.5m windfall as a result of investigations into tax-avoidance schemes.

In response to a parliamentary question from Sinn Féin’s Mary Lou McDonald, Finance Minister Michael Noonan said Revenue was investigating transactions under anti-tax-avoidance legislation.

“I am informed by the Revenue Commissioners that over the course of 2011, 2012, and 2013, some 77 transactions (36 in 2013) were challenged under Section 811 as tax-avoidance transactions that should be unwound so that the proper tax due was paid.