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Building industry now tax compliant: Revenue

Construction Industry - Special sector investigation
Construction Industry - Special sector investigation

The Chairman of the Revenue Commissioners, Frank Daly, has said tax authorities are now satisfied tax compliance has improved in the construction industry, after a special investigation last year has resulted in payments of €125m.

Mr Daly said the main efforts of the Revenue Commissioners this year would be to see if certain other sectors are tax compliant.

The investigation was part of a series of audits of different sectors of the economy by the tax authorities.

The figures were revealed as Revenue published its annual report.

Revenue also says it will redouble its efforts to encourage people to claim all their tax reliefs by simplifying procedures.

With €45bn rolling in in 2006, it was a very strong year for tax collection.

The Revenue has audited a series of sectors. Hotels, take-aways, restaurants, coffee shops, computer consultants, pubs and people with rental income were targeted.

But the big offender was the construction industry - building companies had to pay €125m in interest tax and penalties.

Special investigations yielded almost €120m. Of that €88m came from the latest inquiry into insurance policies with lump sum deposits.