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Revenue publishes 2017 Annual Report

Apr 26, 2018
Announcing the publication of Revenue's Annual Report for 2017, Niall Cody, Chairman, said Revenue collected €50.76 billion in taxes, duties and levies in the year. "This is the seventh consecutive annual increase and €2.8 billion more than in 2016. There were increased receipts from taxes on income, up 4%, VAT up 7% and corporation tax up 11%."

Reporting continuing high voluntary compliance rates of over 90% across all taxes, Cody recognised "the important role taxpayers, businesses and tax and customs practitioners play in this regard". He also announced the publication of a number of Revenue reports and papers on capital taxes, corporation tax, excise duties, income dynamics and mobility trends, and local property tax.

Supporting compliance

Commenting on a 13% reduction in debt available for collection, Cody said Revenue intervenes early when tax payment and filing obligations are not met and has facilitated more than 10,000 taxpayers, who had temporary payment problems, with instalment arrangements worth €94 million. Reporting that during 2017, Revenue collected €212.4 million in over 37,000 debt enforcement cases, Cody said: "the small minority who either refuse to engage with us or refuse to pay their tax are met with determined enforcement and collection action, and the additional cost of that action."

The Chairman said Revenue tries to "make it as easy and straightforward as possible for taxpayers to be voluntarily complaint, pay the right tax and duty at the right time, and claim their entitlements". Pointing to more than 1.8 million users of Revenue's myAccount online service, he said Revenue will continue to improve online services and encourage customers to use them as "the quickest and most effective way to do business with us". He also announced an extension of the pay and file deadline for self-assessed taxpayers who both pay and file online to 14 November 2018.

Confronting non-compliance

Cody said that the yield from audit and compliance interventions in 2017 was €491.9 million. He said the declared value of disclosures before the May deadline of the Foreign Income and Assets Disclosure initiative was almost €84 million. On action against drugs, fiscal fraud, and smuggling, the Chairman reported Revenue seizures of illegal drugs, alcohol and tobacco products worth a combined €81 million in the year.

Looking ahead

Stressing that Revenue wants to provide high-quality service to make it easy for taxpayers to be voluntarily compliant, Cody went on to say: "It is equally important that we support compliant taxpayers and protect Exchequer funds by tackling non-compliance".

On some of the opportunities and challenges ahead, the Chairman said that Revenue is "aiming to have effective customer-centric systems at the heart of how we support voluntary compliance" and is focused on the fair and efficient implementation of possible tax and customs procedures post-Brexit. "Revenue's objective in this regard is to facilitate trade by maximising the free flow of goods to the greatest extent possible."

Cody said that modernising the PAYE system is a priority for 2018 and that the move to real-time PAYE on 1 January 2019 "represents an important step in the process of continuous improvement in service, compliance and efficiency in our administration of the tax system".

Source: Revenue.