The executive chairman and former chief executive of a Cork-based biotechnology company has made a settlement worth in excess of €80,000 with Revenue following an audit into under-declaration of income tax.
The settlement is contained within Revenue’s latest list of tax defaulters, which covers the period October 1st to December 31st.
Revenue said settlements are published when the “extensive voluntary disclosure options are not availed of” and the default arises because of “careless or deliberate behaviour”.
Six such cases were published on Tuesday amounting to a total of €1.1 million. Five cases exceeded €100,000, and four settlements had outstanding amounts as of the end of the year. Some €528,874 was the total amount unpaid.
Yes, the US has higher income per capita than Europe, but what is the real measure of a wealthy nation?
Your work questions answered: Can bonuses be deducted pro-rata during a maternity leave?
China the key for tech’s raw materials whether Trump likes it or not
Belfast-based watchmaker Nomadic moves with the times to reinvent retail experience
Charles Garvey from Carrigrohane, Co Cork, was found to owe €59,790 in tax plus interest of €6,233 arising from under-declaration of income tax.
He was issued with a penalty of €17,937, bringing the total settlement to €83,960. The full amount remained outstanding on December 31st, 2022.
Mr Garvey is executive chairman of Metabolomic Diagnostics, which describes itself as “a deep-tech company” specialising in the development of “novel biomarker-based diagnostic solutions for complex diseases”.
Mr Garvey was chief executive of the company for almost a decade and previously led e-commerce company NitroSell for more than five years and was chief executive of Horizon Technology Group for almost 20 years.
[ Tax defaulters hit with €2.8m settlements over €1.25m in tax dueOpens in new window ]
He brought Horizon public on the London and Dublin stock exchange in 2000 and at its peak the company achieved a market capitalisation of more than €1 billion and employed 720 people in five countries through 13 separate companies.
Meanwhile, the largest settlement on Revenue’s list concerned fuel and convenience store retailer Dominiam Services in Co Monaghan, which was found to owe tax of €146,197 plus interest of €115,563 following an investigation into under-declaration of excise duty and VAT.
The group was further hit with a penalty of €65,121, bringing the total amount to €326,881, which has been paid in full.
The next largest settlement concerned a clothing retailer in Templemore, Co Tipperary. Mai Madden, trading as Mai’s Boutique, made a settlement of €210,492 following a Revenue investigation into under-declaration of PAYE, PRSI, USC and VAT.
The retailer had an outstanding amount of €70,492 owed as of December 31st, Revenue said.
Will the protocol deal bring prosperity to Northern Ireland?
Elsewhere, medical staff provider Clare Medical in Ballincollig, Co Cork, made a settlement of €186,453 after an audit in respect of under-payment of PAYE, PRSI, and USC. The total amount remained outstanding at the end of the year.
A fast food outlet called Niblets Food in Gurranebraher, Co Cork, made a settlement of €167,391 following an audit that uncovered under-declaration of corporation tax, PAYE, PRSI, USC, and VAT.
[ Doctors and dentists included on latest tax defaulters listOpens in new window ]
The company is now in liquidation, and the full amount remained outstanding on December 31st.
Finally, a medical staff provider called Gracelife Enterprises, operating in Carrigtwohill, Co Cork, made a settlement of €104,538 following an audit into under-declaration of PAYE, PRSI, USC and VAT. The full amount remained outstanding at the end of the year.
