Audit of ‘high net worth individuals’ yields €12m in tax and interest

AN audit of 12 ‘high net worth individuals’ by the Revenue Commissioners has yielded around €12 million in tax and interest, it emerged yesterday.

Revenue’s Large Cases Division, which monitors the tax affairs of the some of the country’s richest people and corporations, conducted audits of 20 multi-millionaires in the first few months of the year.

Revenue chairman Frank Daly would not say how much the audits generated individually, but said they were those involved worked in the construction sector — an area where the taxman plans to focus much if its attention this year.