Today’s edition of Iris Oifigiúil contains details of published settlements completed by Revenue in the period 1st July 2014 to 30th September 2014.

In the 3-month period to 30th September 2014, 107 taxpayers fall to be published. The settlements in these cases total€19.64m million.

Of the 107 published cases, 33 were for amounts exceeding €100,000; of which 10 exceeded €500,000, 5 of which exceeded €1m.

9 of the 107 settlements published, yielding €3.89m, relate to Revenue’s investigation into Bogus Non-Resident Accounts and Offshore Assets/Funds.

Click here to see the detailed list of defaulters.

For some this is a timely reminder of how seriously revenue look at the situation of :

-Failure to file tax returns.

-Filing returns which are knowingly incorrect

-Failing to keep proper records, etc.

In situations where a qualifying disclosure of tax defaults, as provided for in legislation, has not been made by a taxpayer, penalties levied range between 15% and 100% depending on the category of default and whether or not the taxpayer has cooperated with Revenue in the course of enquiries.

Penalties are not charged where a tax default was not deliberate, or was not attributable in any way to the failure by a taxpayer to take reasonable care to comply with his or her tax obligations. Neither is a penalty charged where an adjustment to liability arises from differences in the interpretation or the application of legislation, and the taxpayer could reasonably have considered her/his interpretation to be correct.