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Thursday, 31st October 2024

Nash calls on PAYE workers to make a tax return - many are overpaying

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Labour TD Ged Nash.

A quarter of all PAYE workers are paying more tax than they should and may be due a rebate of over €700 for the 2022 tax year alone. That was one of the stark statistics revealed to Labour TD Ged Nash this week.

Nash, who is Labour’s finance spokesperson, uncovered the figures in a response to a parliamentary question to Minister for Finance, Jack Chambers TD and is appealing to PAYE workers to make a tax return online and claim the tax reliefs they are entitled to.

Deputy Nash explained: “I secure this data every year so I can make a simple appeal to PAYE workers – do a tax return online and claim all of the tax reliefs and credits the law entitles you to claim, from tax relief on medical bills to the renters’ tax credit.

 “Every extra cent makes a difference to working families in the highest cost economy in the EU.”

Deputy Nash said: “It is now clear from the figures issued to me from the Revenue Commissioners that around a quarter of all PAYE taxpayers in 2022 and 2023 may have overpaid tax.

“That’s a total of 245,000 in 2022 and 330,000 in 2023. The figures are remarkably similar from the corresponding data I received on the same date last year.

“This leads me to believe that it may be some of the same taxpayers who year-on-year, fail to do a return and get the cash back that they are owed.”

The Louth Labour TD added: “It is worth reminding PAYE taxpayers that the file and return deadline for the 2023 tax year is Thursday, November 14 and that you can make a claim for as far back as 2020.

“Indications are that average funds of around €735 could be due to PAYE workers who overpaid their taxes in 2022 alone.

 “Based on figures issued on Budget Day in October 2023, the then Finance Minister said around €180 million could be due in refunds for the 2022 tax year, in total.

“I have no doubt the pot of unclaimed money is similar for 2023.”

The Labour spokesperson on finance concluded: “It is high time Minister Chambers and the Revenue Commissioners ran a high-profile annual promotional campaign to encourage PAYE taxpayers to file tax returns and claim all the reliefs and credits workers are entitled to.”

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