TaxAdministrationIrish tax audit snares underpaying accountants

Irish tax audit snares underpaying accountants

An audit of accountants by the Irish Revenue office found 60% had underpaid their tax to settle for €3.5m in back payments

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

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