Revenue ‘losing out’ on €1.22bn Vat a year

Ireland could be losing out €1.22bn in revenue each year over its failure to collect tax on all goods and services liable for Vat, according to an EU report.

A study commissioned by the European Commission has estimated that the tax authorities in Ireland are missing out on up to 11% of all potential Vat revenue.

Official figures show Vat receipts in Ireland totalled almost €10.4bn in 2013 — the latest year for which comparative figures across the EU are available. However, it is estimated the total amount that was liable for Vat was just under €11.6bn.