When the Department of Finance released its Exchequer Returns last week for the first half of the year, much of the political and economic commentary concentrated on the impact of Covid-19 and the staggering inflows of corporation tax. Tucked away in the detail, however, was a mysterious €581 million in a so-called ‘unallocated tax account’. The account is used by the tax authority to house money if there is incomplete information to allocate it to a particular taxpayer, or where payments are made on account during tax audits and audit settlements. Normally, the sums of funds flowing through the account…

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