Fermoy oil company settles with Revenue for £650,612

An oil company based in Fermoy, Co Cork, has made a settlement of £650,612 (€826,106) arising from the Revenue's inquiries into National Irish Bank.

The settlement, by Amber Oil Products, of Acres, Fermoy, is made up of £241,183 in undeclared corporation tax and VAT and £409,429 in interest. It was one of four settlements arising from NIB-related Revenue inquiries. The total involved in the four settlements was £854,237.

The latest issue of Iris Oifigiuil lists 53 settlements for more than £10,000 each made between October 1st, 2000 and December 31st, 2000. The value of the settlements exceeds £4 million.

The other settlements arising from NIB inquiries are: Mr Patrick Whelan, 15 Lachabane Village, Killarney, Co Kerry (£72,697); Mr Matthew Walsh, Newtown, Cloghans, Ballina, Co Mayo (£70,928); and Mr Conor O'Sullivan, Cushinstown, Killucan, Co Westmeath (£60,000).

The largest settlement on the list was by Mr John Vaughan, a vet from Ballylacey, Gorey, Co Wexford, who made a settlement of £782,838. This was in relation to undeclared income tax and VAT.

A food distributor from Baltrasna, Ashbourne, Co Meath, made the second highest settlement. Mr Thomas Matthews made a settlement of £697,000 arising from undeclared income tax.

A steel erection company, Voula, from Michael Street, Limerick, made a settlement of £165,911, arising from undeclared corporation tax. Natures Way, of the Industrial Estate, Hebron Road, Kilkenny, a supplier of health food, made a settlement of £137,988, arising out of under-declared VAT and PAYE.