Irish tax audit snares underpaying accountants

The Irish Revenue office has raised €3.5m from the underpayment of tax by accountants, after an audit of 82 accountants found 52 had underpaid their tax. The accountants had to pay €1.3m in interest and €0.4m in penalties.

As a result of the Revenue audit, two prosecutions are pending and others are under discussion for possible pursuit in the courts. One case was held in Limerick on Friday, the Irish Sunday Independent newspaper reports.

It is unclear whether the tax authorities audited any of the Big Four firms or who the 86 audited accountants are.

A spokesman for the Institute of Chartered Accountants in Ireland (ICAI) told the Sunday Independent that ICAI would enquire about the reasons from any member who appeared on the published defaulters list and in case of a revenue prosecution, would automatically refer the case to their disciplinary committee.

Further reading:

IRA linked Murphy charged with tax offences

ICAI welcomes end to PAYE 'double-taxation'

Read story in Sunday Independent