Revenue collects €29m from defaulters

Updated: 22:55, Friday, 12 March 2010

The latest quarterly list of tax settlements has been published by the Revenue Commissioners.

1 of 2 Revenue Commissioners Seven settlements exceeded €1m each
Revenue Commissioners
Seven settlements exceeded €1m each
2 of 2 Galway Central Park nightclub made €3.59m settlement
Galway
Central Park nightclub made €3.59m settlement

In the three months to the end of December there were 88 settlements, which brought in almost €29m.

The settlement exceeded €1m in seven cases. A total of €9.61m, or 11 settlements, related to investigations into off-shore funds.

There were 17 settlements, totalling €2.23m, relating to investigations into single premium insurance products.

There were nine settlements relating to bogus non-resident accounts, which yielded €1.96m.

Of the 88 settlements, 44 were for sums in excess of €100,000.

The published figures are only a portion of all Revenue audits and investigations carried out during the last three months of 2009, which yielded €119.5m of tax, interest and penalties.

Company director Robert McChesney from Clontibret Co Monaghan made a settlement of €3.6m arising out of a revenue investigation for under declaration of income tax and capital gains. It was the largest settlement by an individual on the list.

Racehorse trainer John Mulhern from Kildare made a settlement of €1.4m for under-declaration of income tax and capital gains tax.

Central Park nightclub in Galway paid €3.59m in settlement of under-declared VAT, PAYE and PRSI.

This was a result of an investigation by the Revenue's Deposit Interest Reporting and off-shore assets unit.

Gama Construction made a settlement of €2m for under-declaration of corporation tax, VAT, PAYE and PRSI.

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