In a report by the Revenue Commissioners, the agency was able to gather about €61 million worth of taxes, interest as well as penalties. This is following the ongoing investigation that they are conducting against the financial involvements of over 800 medical consultants. After this news, many professionals including accountants are making sure that they are covered by insurance against tax investigation.
According to Niall Cody, the chairman of Revenue Commissioners, they were able to gather the cash from the existing cases they have against 276 consultants. They were found to have private medical practices that have been incorporated and there are some of them who created one or more companies.
The total amount that was collected also counts the future uplift or the approximate value of the tax they have evaded which is to be gathered now after the intervention was conducted.
As of writing, around 36 cases against medical consultants have already been posted at the list of tax defaulters by the Revenue.
In an update provided by Mr. Cody regarding the progress of the ongoing investigation, he said that these individuals belong to the category of high-wealth. These individuals are known because of their significant incomes but they are also guilty of not paying a significant amount of taxes under their profession.
The chairman of the Revenue Commissioners also added that majority of the consultants have claimed to have forgotten their legitimate boundaries thus they decided to pay the settlement. He also issued a warning against tax planning schemes because many are too good to be true which is indicator that the process could not be legal.
Many professionals are now looking into insurance against tax investigation including accountants. The investigation started back in 2010 when the Revenue got wind that tax advisers are providing tax schemes to many medical consultants. The first cases were all in Dublin and they have eventually moved on to include the whole country’s medical consultants. Now there are 825 that have been investigated but only 552 are finally closed. Around 84 cases are now undergoing an appeal.