The Revenue Commissioners is to lower the threshold for those qualifying for its High Wealth Individuals Division from €50m to €20m, bringing it to 700 cases.

In a letter sent to the committee, the chairman of the Revenue Commissioners Niall Cody said the review would result in the unit managing an additional 475 cases.

The move follows a recommendation by the Public Accounts Committee and the Comptroller and Auditor General to lower the qualifying threshold.

It was welcomed at today's meeting by the chair of the committee, Fianna Fáil TD Seán Fleming. 

Mr Fleming described it as a "good day for the Irish tax payer and a good day for the public".

He said the Revenue's review of the thresholds included an examination of the Rich List's published by the Sunday Times and Sunday Independent.

The committee was told that while the review found no tax outstanding, it would lead to a focused assessment of such individuals, rather than a self-assessment without any checks.