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Revenue rakes in extra €500m

MORE than €500m was yielded through audits and compliance activity by the Revenue Commissioners last year.

In 2013, over 8,000 audits were settled yielding more than €300m. More than 45,000 PAYE compliance checks were carried out yielding over €30m.

Altogether audit and compliance activity, including assurance checks, yielded over €550m.

Josephine Feehily, chairman of the Revenue Commissioners, said: "Despite the challenges posed by the current business environment, high levels of timely compliance were achieved in 2013, ranging between 82pc and 97pc for the different case sizes.

"We continued to support viable businesses and taxpayers who want to pay their taxes but are experiencing short-term difficulties – in 2013, approximately 16,000 customers had an agreed phased payment arrangement in place covering €125m in tax debt."

Ms Feehily (pictured) also said that Revenue encourages anyone experiencing difficulty in paying their taxes to send in their returns and initiate early and meaningful engagement.

On the Local Property Tax, she said that, with neither a complete register of residential properties nor a valuation system in place, the introduction of LPT was a big challenge for her office.