The quantum in disputed tax cases before the Tax Appeals Commission (TAC) last year plummeted by €2.85 billion or 63% from €4.5 billion to €1.65 billion.
That is according to the 2021 annual report of the TAC which shows that the Commission closed the highest number of appeals since its formation of nearly 1,800 to a value of €3.14 billion.
The chief factor behind the reduced €2.85 billion quantum in appeals was a total 732 agreed settlements at a combined value of €2.24 billion last year.
The largest reported settlement last year concerned the disputed €1.64 billion tax bill initially levied by the Revenue Commissioners on over the counter drugs firm, Perrigo.
Last September, Perrigo confirmed that it had settled the largest ever tax bill levied by the Revenue Commissioners for €297 million.
The disputed tax bill related to the sale by Irish pharma company Elan of its intellectual property interests in multiple sclerosis drug Tysabri in 2013 to Bigoen for an up-front payment of $3.25 billion and a share of future royalties.
That sale took place months before Perrigo bought what was left of Elan.
The 732 settlements concerning €2.24 billion compared to 509 settlements that were agreed at a value of €66m in 2020.
A further 558 appeals were withdrawn by appellants in 2021 accounting for a quantum of €441m while 1,476 appeals were received during the year concerning a disputed €275m.
In her statement accompanying the annual report, TAC chairperson, Marie-Claire Maney stated that the TAC last year issued appeal determinations to a value of €443m - this compares to a quantum of €610m in 2020.
The bulk of determinations last year concerned corporation tax of €405m.
Ms Maney further stated the TAC "further reduced our appeals on hand by a further 10 per cent to 2,703".
Ms Money stated that the headline statistics in the report "demonstrate the significant progress made" in 2021.
A breakdown of the €3.14 billion in appeals closed last year show that the largest proportion concerned corporation tax of €2.9 billion or 92% of the overall total.
Last year, the TAC scheduled 188 hearings affecting 309 appeals with a total quantum of €1.962m over 333 days.
The €3.14 billion total in appeals closed out also included €1m in Covid-19 related tax appeals concerning employment wage subsidy schemes and Covid Restrictions Support Scheme (CRSS).
The figures show that 860 income tax cases with a value of €135.8m were settled with Capital Gains Tax accounting for the third highest amount at €46m.
In 2020, a Protected Disclosure was made to the Minister for Finance in respect of the Commission and aged processes and legacy circumstances and the 2021 annual report states that the Commission fully cooperated with this investigation which concluded in 2021 with no allegation of wrongdoing being upheld in whole or in part and the matter is now resolved.
