Oireachtas Joint and Select Committees
Thursday, 13 October 2016
Public Accounts Committee
2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 12 - Tackling Fuel Laundering
Chapter 15 - Taxpayer Compliance
2015 Revenue Accounts
9:00 am
Mr. Niall Cody:
The interest is provided for in legislation. The Taxes Act provides for an 8% rate for income tax and corporation tax and a 10% rate for PAYE and VAT underpayments. It is an annual charge. The Deputy is right that if the debt is owing for a number of years, the interest rate adds up very quickly. In some of our back duty investigations, there would be interest owing equivalent to 100% of the underpaid tax. That is provided for in legislation and is not something we calculate individually. It comes down to the idea of taxpayers making a declaration and coming forward earlier rather than later.
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