THE BLACK ECONOMY

And talking of nets, a Revenue trawl of the fishing industry has discovered ‘systematic’ tax evasion, including the routine processing of payments through false names and bogus accounts, The Business Post reports.

An audit of 30 cases in the Cork region has already lead to tax settlement of €1.4m and it is expected the Revenue will now carry out similar audits in the rest of the country.

As well as individuals trying to avoid paying capital gains taxes on the sale of assets such as boats, there was evidence to suggest a shadow economy in the sector, with a lot of business being conducted in the black economy.

The Revenue spotlight has also fallen on installers of satellite TV dishes and systems, with an ongoing investigation already bringing in €120,000.