Overstatement of certain unallocated tax Deposits
Description
Unallocated tax deposits (UTD), recorded in the revenue account as a year-end liability, include receipts which cannot at the year-end be allocated to either a taxhead or taxpayer record.
The audit of the 2021 revenue account found that the taxhead receipts for 2021 were understated by an estimated €32.5 million as audit tax settlements made by taxpayers were incorrectly included in the year-end UTD balance rather than being allocated to the relevant taxhead(s). The UTD year-end liability balance was overstated by the same amount.
Resources
| Name |
Format |
Description |
Link |
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33 |
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https://www.audit.gov.ie/en/find-report/publications/2022/17-overstatement-of-certain-unallocated-tax-deposits.pdf |
Tags
- unallocated-amounts
- audit-settlements
- revenue
- unallocated-tax-deposits