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Thursday 22 August 2019

Revenue trebles rich list to 700 high flyers

The number of people on a Revenue high wealth assessment list has almost trebled following a Dáil watchdog review. Stock image
The number of people on a Revenue high wealth assessment list has almost trebled following a Dáil watchdog review. Stock image

Ralph Riegel

The number of people on a Revenue high wealth assessment list has almost trebled following a Dáil watchdog review.

The number of individuals on the list has now soared to over 700 - a near trebling of those who are subjected to careful ongoing assessment by the Revenue Commissioners.

It comes after a Public Accounts Committee (PAC) recommendation was adopted to drop the qualifying wealth threshold from €50m to €20m.

Public Accounts Committee Chairman Seán Fleming TD revealed that the Revenue Commissioners, to check their data, even cross-referenced their own list of high wealth individuals with the 'Top 100 Rich List', published each year by the 'Sunday Independent'.

"Those lists were also beneficial," he said.

"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."

The move is expected to lead to enhanced tax revenues through a more streamlined system.

Revenue stressed to Catherine Murphy TD that no cases of major tax non-compliance were found.

However, individuals added to the list, some of whom are non-resident for tax purposes, will be carefully assessed to ensure tax is being paid in the correct jurisdiction.

"Up to this the net assets [required] was €50m and they had 200 high wealth individuals on their books," Mr Fleming said.

"As a result of lowering the limit from €50m to €20m, they are now going to add in a further 475 primary cases. They are going to be more than trebled."

Irish Independent

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