Clients of the unauthorised Clerical Medical International investment scheme operated by National Irish Bank (NIB) made settlements worth €2,518,401 with the Revenue Commissioners in the final three months of last year, according to the latest edition of Iris Ofigiúil.
The largest settlement was made by builders' supplier, Mr Oliver Brennan, of Belvedere, Mullingar, Co Westmeath, who paid €1,329,653 to the Revenue after an NIB investigation.
Mr Brennan, who is also a director of equestrian sports body, the Equestrian Federation of Ireland, paid €551,712 in tax and €777,941 in interest and penalties in relation to underdeclaration of income tax, capital gains tax and VAT.
The settlement was one of 88 exceeding €12,700 to be made by individuals or companies between October 1st and December 31st last. The Revenue received a total of €10,009,461.73 in such payments over the period.
More than a third of the settlements published relate to the Revenue's continuing investigations into bogus non-resident accounts.
The highest payment in this class was made by Sligo businesswoman, Ms Kathleen Feehily, who parted with a total of €624,242 in connection with underdeclaration of income tax.
Ms Feehily, who has an address at The Mall, Sligo, is involved in a number of companies, including a taxi firm, an undertaking business and a florist.
Retired publican, Mr Michael Fanning, settled for €404,659 in a similar case. Mr Fanning, of Sheetrim, Monaghan, paid €118,286 in tax and €286,373 in penalties after an underdeclaration of income tax, VAT and non-declaration of capital acquisitions tax.
Other settlements relating to the Revenue's pursuit of bogus non-resident accounts included Mr Michael Costello of Courthouse Lane, Tralee, Co Kerry, who settled for €298,955 in connection with an electrical repair business, and Mr David Barry Snr, a farmer from Knocklong East, Co Limerick, who paid €293,146.26 in tax and penalties.
Pharmacy-owner, Mr Seamus O'Sullivan of South Quay, Newcastle West, Co Limerick, paid a total of €234,000 in relation to underdeclaration of income tax and VAT, while Adare farmer and bed and breakfast operator, Mr Daniel Collins, settled for €237,125 in connection with underpayment of income tax.
Mr Edward Gallen, a hairdresser with an address at Navenny Street, Ballybofey, Co Donegal, settled for €281,381, of which €202,059 related to interest and penalties.
Two of the largest settlements to come in the wake of NIB investigations over the quarter were made by residents of Donegal village, Kincasslagh. Ms Eileen Oglesby, who operates a fishing business in the area and is known for charity work in Romanian orphanages, settled for a total of €464,330 in relation to an underdeclaration of income tax. Ms Oglesby paid €206,582 in tax and €257,748 in interest and penalties.
Kincasslagh builder, Mr Philip Ward, of Belcruit in the village, settled for €147,215 in tax and €198,352 in interest and penalties after an underdeclaration of income tax and VAT.
Other NIB settlements were made by Mr Michael O'Carolan, a publican of Glebe Street, Mohill, Co Leitrim (€147,840) and Mr Gerard Murphy, a retired individual from Brookwood Avenue in Artane, Dublin (€119,906).
A spokesman for the Revenue Commissioners confirmed that investigations into the NIB scheme were ongoing and were likely to lead to further settlements over coming months.
The largest settlement made after a Revenue audit was made by Mr Sean McGarrigle, a publican and restaurateur with an address at Main Street, Bundoran, Co Donegal.
Mr McGarrigle paid tax of €168,031 and €190,685 in penalties in relation to underdeclaration of income tax, VAT and stamp duty.
Swanburne Limited, a building firm based at Bettystown Holiday Village, Bettystown, Co Meath, paid a total of €210,603 after underdeclaration of relevant contracts tax was uncovered in a similar audit. Swanburne's directors include Mr Michael Adrian O'Connor of Barna, Co Galway, and Mr John O'Connor and Ms Helen O'Connor of Dublin.
