Revenue tax probes net close to €1.7bn

THE Revenue Commissioners have netted close to €1.7 billion from their investigations of tax evasion schemes.

Figures show €700 million was paid by tax dodgers in 2004 alone after Revenue launched an inquiry into undeclared income in offshore bank accounts.

The latest crackdown of money hidden in life insurance policies and the follow-up to the offshore accounts’ probe could yield a further €1 billion. A total of €734m has been received from the first phase of the investigation into assets held illegally in offshore accounts.