The Revenue Commissioners announced this morning they have recouped €312 million from 4,600 people in their inquiry into the use of life insurance investment products for tax evasion.
Revenue said in a statement the further payments are expected in the coming months, as an extension of the initial deadline of July 22 ndhas been sought in an unspecified number of individual cases.
The second phase of its investigation into the use of insurance products for tax evasion is now underway. This will involve following up 3,500 individuals who contacted the tax office with a notice of intention to pay but then made no further contact. Revenue said it had recovered over €2 billion in recent investigations into tax evasion.
Revenue said it has engaged with a number of the Life Assurance companies in relation to the use of the new sampling powers provided in the Finance Act 2005 and will be contacting the remaining companies shortly.