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72 tax settlements in third quarter

Revenue - Says Q3 settlements netted €13.2m
Revenue - Says Q3 settlements netted €13.2m

72 tax settlements were made, totalling more than €13.2m, between the start of July and the end of September, according to the latest Revenue defaulters list.

The largest settlement, €1.875m, was made by Robert Galbraith, described as a company director, from Kate's Cottage, Curracloe in Co Wexford.

According to Iris Oifigiúil, the settlement arose from an under-declaration of income tax and VAT, arising from a deposit interest reporting case and a single premium insurance products case.

The next largest settlement was made by grocer James Geoghegan, from South John St in Pimlico in Dublin 8.

The amount, €1.519m, was also in respect of undeclared tax and VAT, which came to light during a Revenue investigation into deposit interest reporting and the use of single premium insurance products.

There were five other individual settlements of around or in excess of €500,000 each.

There were two settlements totalling €700,000 relating to the holders of bogus non-resident accounts.

A further eight settlements totalling €430,000 relate to Revenue's investigations into offshore funds and nine, totalling €2.83m, relate to investigations by Revenue into the holders of single premium insurance products.

According to Revenue, the total yield from its audit and investigation programmes during the period in question was €84.2m, including tax, interest and penalties.