Revenue set to double number of super-rich facing tax probe

Revenue set to double number of super-rich facing tax probe

The number of Ireland's super-rich facing a tax probe looks set to double.

New plans from The Revenue Commissioner will see the assets threshold for investigation cut from €50m to €20m.

According to the Sunday Business Post, it means the number of cases looked at by its Large Cases Division will rise by 475.

It comes following recommendations from the Comptroller and Auditor General to reduce the threshold.

Revenue's Large Cases Division carries out customer service and compliance functions in respect of the largest corporate businesses and “high-wealth individuals” (HWIs). In December last year, there were 480 HWIs under scrutiny.

Ireland's €50m assets threshold has been high by international standards. In Britain the threshold for special scrutiny is £20m (€22.5m) worth of assets while in Australia the probe starts at AUD$30m (€18.7m) in net wealth.

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