Wednesday, 4 February 2004

Ceisteanna (153)

Gay Mitchell


244 Mr. G. Mitchell asked the Minister for Finance if he will make a statement on the proposals made by the Revenue Commissioners' large case division to put in place procedures for wealthy taxpayers which would involve no surprises on either side. [3419/04]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Minister for Finance)

I am informed by the Revenue Commissioners that their large case division has responsibility for ensuring that there is the highest possible level of tax and duty compliance by some 320 of the largest business enterprises, those with annual turnover in excess of €125 million, and some 250 of the wealthiest individual taxpayers, those with estimated net worth in excess of €50 million. The division also deals with the financial services sector in its entirety.

As well as monitoring compliance by these cases through audit and debt management programmes, the division is engaging directly with the companies and individuals concerned to encourage their commitment to observe an agreed framework of good tax compliance standards, supported by open lines of communication with Revenue.

The idea of no surprises simply reflects the desirable objective of reaching a situation where taxpayers who are prepared to commit to, and maintain, these good compliance standards will be unlikely to be surprised by unforeseen tax liabilities when their tax returns are audited.