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Co Meath based futures trader tops tax defaulters' list

A Co Meath based futures trader and company director made the largest settlement with Revenue during the three month period.
A Co Meath based futures trader and company director made the largest settlement with Revenue during the three month period.

Revenue has published details of 14 tax settlement cases today totalling €3.7 million for the period from April to June.

All cases exceeded settlements over €100,000, while one case topped €500,000.

A Co Meath based futures trader and company director made the largest settlement with Revenue during the three month period.

Michael Roche Jnr of Waynestown in Dunboyne owed the tax collector €289,705 for under declaration of income tax.

When interest of €130,118 and penalties of €86,912 are added, the total amount owed reached €506,735.

Revenue said the money had been paid in full by the end of June.

The next largest settlement totalling €484,190, related to PAYE employee and physical therapist Louise Hoste of Lendelede, Donaghmore, Ashbourne, County Meath.

That case arose from a Revenue audit which uncovered non-declaration of Capital Acquisitions Tax.

The tax owed was €295,100, with interest of €100,560 and penalties of €88,530.

By the end of June all of the money in this case had been fully paid to Revenue.

The next biggest settlement involved David Cinnamond, a future shares dealer, partner and proprietary director based at 16 Kingston Park, Ballinteer, Dublin 16.

He owed Revenue €269,307 arising from under declaration of income tax.

When interest of €111,862 and penalties of €80,792 are added, he owned Revenue a total of €461,961.

As of the end of June, Revenue said all the money owed had been fully paid.

Of the 14 cases published today, just two haven't been paid in full.

Today, Revenue also published details of 90 court imposed penalties and fines which amounted to €491,922.

47 of these cases related to the failure to lodge returns, delivery of incorrect returns, failure to remit VAT/Income Tax/PRSI, and falsely claiming VAT repayments.

The largest of these penalties was imposed on David Johnston, of Hilton, Upper Albert Road, Glenageary, Co Dublin, who is listed as a proprietary director. The penalty of €223,000 related to the under declaration of income tax in the amount of €332,945.

22 of the other court imposed penalties related to the misuse of marked mineral oil, while 14 cases related to excise offences for tobacco smuggling, illegal selling of tobacco and possession of untaxed tobacco for sale.

Two cases related to the failure to hold a current liquor licence, one case related to alcohol smuggling and another case related to the possession of untaxed alcohol for sale.