Daft Property - Irish Property News

Pressure on Cowen as millions go to waste... Millions of euro of taxpayers' money has been lost by state bodies and agencies, the report from spending watchdog, the Comptroller and Auditor General (C&AG) said. In his first report, new C&AG John Buckley starkly uncovered the extent of the Government's failure to properly control its dwindling finances. It was published as ministers prepare to slash public services in next month's budget, which has been brought forward by six weeks, in a bid to combat the deepening economic downturn. The report revealed that the tax authorities had to make an embarrassing settlement of €1.7m to themselves for unpaid taxes, after failing to tax travel benefits awarded to their own staff. Mr Buckley's report exposed many of the same inadequacies as his predecessor, as he raised direct and specific concerns. He identified: "Shortcomings in the management of the State's financial resources". "Questions as to the eff...

Revenue failed to tax €2m staff benefit... BENEFIT-IN-KIND TAX: DELAYS BY the Revenue in identifying obligations to tax benefit-in-kind (Bik) of approximately €2 million paid to its own staff is highlighted in the report. In the course of drafting a Statement of Practice during 2006, officials raised concerns in relation to the tax treatment of benefits received by Revenue's own staff in respect of travel to and from work. A working group reviewed benefits which had accrued from January 2004 to June 2007. About €2 million accrued by way of Bik during the period reviewed. This comprised €1.7 million for use of official vehicles by officers for travel to and from work, and €0.3 million paid under agreements made with staff whose work began or ended between the hours of 11pm and 8am in locations not served by public transport. An overall liability was calculated at €1,656,920, including interest and penalties. The relevant Inspector of Taxes was informed of Revenue's intention to ...