One of Donegal’s leading tax consultants has warned Revenue will use the Property Tax Database for future audits.
The Tax Clinic
However Michael Coll from The Tax Clinic has warned that tax-complaint people have nothing to fear.
The information gathered on the owners of nearly two million houses covered by the property tax is potentially the most lucrative database the Revenue have had in years says Michael.
“Now that the property tax collection system is up and running the information will be used to target those who own more than one house. This will then be cross- referenced against their tax returns and social welfare payments,” says Mr.Coll.
He added “The information will be electronically analysed and the high risk cases will be identified and may have a full Revenue Audit to ensure that they are not under-paying their tax.
“Compliant tax payers have nothing to fear as the system will quickly eliminate people who own multiple houses through inheritances or who have taken out mortgages to fund their purchase.”
Michael says put simply, the Revenue will be querying the sources of income used to purchase the properties and if the rental income from such properties is being declared.
To find out more log onto www.thetaxclinic.ie or call into either the High Road Letterkenny or Main Street Killybegs”
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