One in four of the country’s wealthiest people have declared taxable income below the average industrial wage.

An audit of the State’s accounts shows Revenue Commissioners are monitoring 480 people who they classify as ‘High Wealth Individuals’ (HWI). This means they have more than €50m in net assets.

Almost one third of the country’s richest people have involvement in “real estate activities”. One in ten are linked to agriculture, forestry and fishing, while 5pc cite construction as their main occupation.

However, many of these individuals are paying very little tax when compared with their wealth.

The Comptroller and Auditor General’s study shows “relatively low amounts of tax” paid by these people due to “the use of credits and reliefs”.

Some 120 HWI paid income tax on less than the average industrial wage, while another 201 declared taxable income of less than €125,000.

Total income tax due from HWIs in 2015 was highly concentrated on a small number of taxpayers with 85pc of the income tax due from just 10 taxpayers.

Chairman of the Dáil’s Public Accounts Committee Sean Fleming reacted to the figures, saying: “Most people will be shocked to hear this.”

The C&AG noted: “Tax is generally assessed on income rather than wealth and information relating to assets is not required for income tax returns.”

Their report also highlighted a spend of €20m by the OPW to lease new office premises for the Department of Health in the Miesian Plaza, at the old Bank of Ireland headquarters on Baggot Street in Dublin City Centre.

The OPW entered into a 25 year lease with effect from December 2016. The lease covers seven floors of office space, a ground floor with meeting rooms and canteen, storage space on the lower ground floor, 76 car parking and 146 bicycles spaces, lockers and shower facilities.

However, Miesian Plaza remained unoccupied at April 2018 even though the lease had been effective from December 2016.

Online Editors