The headline item for this year’s Revenue Annual Report is of course the item that falls outside the year of assessment - the administration of the new Local Property Tax. Revenue claims they never before have handled a project of this scale in such a short timeframe. Regarding the day job, Revenue’s audit and compliance activity brought in just under €500 million in 2012 and the yield from Revenue’s collection enforcement was €223.9 million. ROS brings in the bulk of the tax collected - almost €36 billion.
Other points from the Annual Report include:
The focus of the 9,000 plus audits carried out by Revenue last year was cash businesses; nearly €150 million was collected from such businesses. The total yield from Revenue Audits, all of which were "informed” by risk profiling using REAP, was €359 million.
A focus on companies with contracts for service with larger entities yielded €908,428. This "review” is being extended nationwide.
16,081 taxpayers or €124 million was the subject of phased payment arrangements.
24 Notices of Opinion under the general anti-avoidance legislation (section 811 TCA 1997) were issued in 2012. A total of 48 Protective Notifications were received undersection 811A TCA1997. Since the introduction of the Mandatory Disclosure Regime (section 817D TCA 1997) in January 2011, 8 Mandatory Disclosures have been received by Revenue.
The full text of the Revenue’s Annual Report 2012 is published on the Revenue website.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.