Ireland recovers €572.6m in unpaid tax
Credit: International Investment
The Irish taxman has managed to uncover and collect €572.6m in unpaid tax last year, an average of €1,000 per case according to the latest official figures.
The data for 2018 shows Revenue officials “intervened” a total of 572,785 times during the year, with around 99% of taxpayers willingly handing over what is due.
In the last ten years, Revenue officials have been investigating the use of offshore for tax dodging. The report shows that those investigations have brought in €2.9bn so far.
Still, the Irish tax system ranks among the highest in the world in terms of ease of businesses in paying taxes, a report by PwC has found.
The Republic came out top in the EU for efficiency in paying taxes, and fourth overall in the world, says the report.
It says Irish companies pay a total of 26% of their profits in taxes compared to 39.3% for the EU and 40.3% globally.
Of the 26%, almost 12.5% is in profit taxes, just over 12% is on labour taxes, which is mostly PRSI, and 1.4% in other taxes such as VRT, said PwC.
Ireland is substantially more competitive on the cost of employing people, said PwC, compared to the average for the EU in labour taxes of almost 26%.