Revenue collected second-largest amount of tax ever last year

Revenue collected second-largest amount of tax ever last year

A total of €45.79bn was paid in taxes last year, according to Revenue’s Annual Report for 2015.

The figure represents an increase of 10.6% on 2014.

It is the fifth year in a row that Revenue has seen an increase in returns to the Exchequer.

It is the second highest figure for net tax receipts in the history of the State - only 2007 was higher, at €47.5bn.

Revenue collected second-largest amount of tax ever last year

Almost all taxes and duties recorded substantial increases with Corporation Tax up 49%, Capital Gains Tax up 28%, and VAT up 7%.

In a reference to the recent Panama Papers revelations, the Revenue chairman Niall Cody has called on anyone who has used offshore financial structures to make a full disclosure, before the tax man contacts them.

“We are examining the implications of the developments in Automatic Exchange of Offshore Financial Information for the Audit Code of Practice,” he said.

“While we have had major successes in investigating tax evasion, the new information sources that are coming on stream will shine a light on individuals and businesses that have used offshore facilities.”

The Chairman went on to “strongly recommend that any person or business that has used offshore financial structures to evade tax contact us and make a full disclosure before we contact them”.


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