Friday 23 February 2018

Pensioners are just the beginning

With €50m lost from old-age pensions, the black economy 'money pit', will be targeted next, writes James Fitzsimons

IF the Revenue can identify €40m to €50m of lost tax revenue from old age pensioners, imagine what is being lost to the black economy? But there is no government department to provide the figures. Or is there? The CSO gathers and publishes financial and economic data regularly. It might take expert forensic analysis to establish the size of the problem. But it is possible -- it is there and it is real.

It might appear that old-age pensioners and other welfare recipients were unfairly targeted, but this is only the beginning. Like it or not, the Revenue has helped create a PAYE system where taxpayers think they have few if any obligations. The Revenue's blunder would not be wasted if it made people realise that they have tax obligations notwithstanding.

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