Wednesday 7 December 2016

Revenue opens new office to chase €2bn of unpaid tax

FINANCE

Emmet Oliver

Published 21/11/2011 | 05:00

THE Revenue Commissioners has embarked on a new drive to chase up the €2bn of debt owed to it by taxpayers and companies.

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The organisation has set up a new debt management office and put 17 additional members of staff into the section in an effort to claw back the significant sums owed.

While the organisation has pledged to work co-operatively with businesses who owe money, recent internal reforms have allowed the Revenue to put extra resources into chasing up outstanding sums.

In its annual report released earlier this year, the organisation said debt "still remains at a high level'' and it was determined to utilise extra staff to drive up the yield from legacy debt. The Revenue believes the new debt management unit can make a substantial impact.

The organisation breaks down outstanding debt into two figures -- an overall figure for debt outstanding and debt "available for collection". This second category is seen as the more relevant statistic as it includes money the Revenue believes is likely to be clawed back in time.

Debt available for collection was €1.39bn in 2010. Debt more than three years old and available for collection was €472m, up from €366m in 2009.

Irish Independent

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