The Irish tax authority, Revenue, has announced that approximately 650,000 taxpayers who filed their tax returns are eligible for refunds totaling €453 million. The average refund to be issued by Revenue is €624 per taxpayer, reflecting an increase of €104 million and approximately 150,000 more taxpayers compared to the same period last year.
These figures are specifically related to 810,600 income tax filings made by both PAYE workers and the self-employed. Changes implemented in 2019 have led to a significant rise in PAYE taxpayers filing annual income returns. Completing an income tax return allows taxpayers to finalize their tax situation, claim tax credits, reliefs, and expenses, and declare any non-PAYE income.
The average refund due to taxpayers is €624, although the mean refund is €307, as reported in Revenue’s ‘Statistical Bulletin’. Analysis of the figures reveals that 105,000 individuals have underpaid their taxes, resulting in a total of €15.1 million in underpaid tax, with an average liability of around €143 per person.
Revenue has introduced a new rent tax credit, taken advantage of by 202,500 individuals in the previous year. The average credit claimed was €474. However, it is estimated that only a fraction of the eligible population, around 400,000 people, have availed of this tax credit.
Approximately €113 million has been paid out to those who claimed the rent tax credit, which was introduced last year. The majority of claimants are under the age of 34. Additionally, 207,500 people made claims for health expenses in their tax returns, with Revenue paying out an average of €277 per individual.
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According to Revenue, a small percentage of eligible individuals are claiming for health expenses, despite being entitled to a 20% rebate on GP and consultant visits, as well as prescription costs. Only 73,500 people claimed for remote-working relief, with an average benefit of just €61, despite nearly 750,000 people indicating that they worked from home at least part-time.
Revenue also noted that 148,400 taxpayers who had never filed a tax return before did so in the first three months of this year, attributing this increase to the introduction of the rent tax credit.
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