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THE REVENUE COMMISSIONERS reviewed the Top 100 Rich List ahead of making a decision to treble the number of individuals on their high wealth interest list.
Chairman of the Public Accounts Committee Sean Fleming told the committee yesterday the Revenue Commissioners used some external resources, and cross-referenced their own list of high wealth individuals with the Top 100 Rich List, which is published each year by The Sunday Independent.
He said the list proved to be “beneficial” to Revenue.
An additional 475 individuals have been added to the list after Revenue lowered the criteria threshold of people with net assets above €20 million. Previously, it was capped at €50 million.
Last year, TheJournal.ie reported that work had begun to focus on the tax affairs of corporations and ‘high wealth individuals’ whose worth was previously below the criteria for being monitored.
A new division has been established by the Revenue Commissioners to deal with the affairs of people and companies who could not be managed by its Large Cases Division.
The Large Cases Division was established in 2003 to provide large taxpayers with advice on their tax planning and managing their relationship with the Revenue.
In 2018, it was split into two separate units: one managing large corporations and the other managing high wealth individuals with assets above €50 million.
On the back of recommendations by the Oireachtas Public Accounts Committee (PAC) and the Comptroller and Auditor General (C&AG), a decision was made in May to lower it to €20 million, therefore increasing the numbers in the audit.
The committee was told that the individuals may not reside in Ireland, but may have a “significant economic interest” here.
C&AG Seamus McCarthy told the committee that bringing more individuals into the fold will ensure individuals “are paying the taxes they are due to pay” to Ireland.
“All in all it was a good day for the Irish taxpayer, a good day for the Revenue Commissioners and a good day for the Public Accounts Committee,” Fleming said yesterday.
As part of Revenue’s work, the divisions assessing whether businesses or individuals are at risk of tax avoidance or tax evasion yielded €15.3 million from large taxpayers in 2017, €17.3 million in 2016 and €43.6 million in 2015.
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There will always be an exclusive group of untouchables or certain individuals who cannot be named and need not worry. Blue shirt party contributors and what have you.
@Milk The Drones: This idea of “targeting” doesn’t sounds like the best approach. Just set the thresholds for all scales. Fair across the board.
@Milk The Drones: yeah but when they throw a few bob at the GAA, horse racin or whatever , they’re local heroes
@Milk The Drones: what would these individuals have to gain now from contributing to these parties? Apart from the 2g fiasco, which should have led to convictions from the politicians and businessmen, there is very little that anyone of the top100 list have with being officials in Ireland with pittances to them. It’s hardly just fun? It’s a common trope, but apart from o’Leary (who actually pays personal taxes here, unlike those Limerick “philanthropists”), the tax man can’t touch them anyway.
And in the mean time the Irish Government makes every effort to support multinational, vulture funds etc to avoid or pay little to know tax. It’s a funny old country all the same.
Politicians will be getting nervous ,this could affect their pensions
@FlopFlipU: Good work Revenue. The more people pay their correct taxes, the more social housing, no water taxes, better schools and hospitals we can have
@Whoswho: and the more money that will be there for people who stay in bed in the morning and draw the dole!
@Liam O Connor: Only because the system allows them to. If Ministers of goverment departments done their jobs and worked together on a process to stop the career benefits scammers we wouldn’t have this problem. Don’t blame the people for doing what the politicians are doing. They’ve been taking money for nothing for years…. Monkey see, monkey do!!!
@Paul Linehan:
Never take responsibility for your own actions, always blame politicians.
@Patrick Nolan: Like Politicians never taking responsibility eh !!
Ahhh not the poor millionaires,,,,,
The individuals who work in revenue don’t have the skill base, knowledge or intelligence to take on the accountants for the super rich. They are amateurs compared to these guys.
@Adolf Galland: Maybe so, but Revenue is probably the best run and most efficient branch of the public service.
@James Wallace: Yommmy. Yep and that’s not saying much lol.
At first glance I thought this said Revenue tops the 100 rich list.
It’s about time take a leaf out of other countries
The rich know all the loopholes here in the this dump and most live only a few months of the year anyway. A good Account is all you need.
Boora Bog walk is yer oney man, lovely
I hope this doesn’t effect the trickle-down economics we all benefit from.
A good day for taxpayers? With the “geniuses” running this country I doubt it. Just more money for them to waste.
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