Revenue inquiries net €100m in three months

Investigations by the office of the Revenue Commissioners have netted almost €100 million in three months, figures released today show.

The quarterly tax defaulters' list shows 201 individuals or companies made settlements with Revenue totalling €26.61 million in tax, interest and penalties.

A further 527 settlements, that did not fall to be published, yielded €66.79 million, while a further 2,366 audits were worth €3.71 million.

Tax settlements are not published where the amount is less than €12,700, where the amount of fine or other penalty does not exceed 15 per cent of the amount of tax or where the taxpayer has, in advance of any Revenue investigation, voluntarily furnished complete information relating to undisclosed tax liabilities.

The 201 published settlements were as a result of audits where Revenue accepted a sum of more than €12,700 and where a voluntary disclosure was made or the amount of fine or penalty exceeded 15 per cent of the tax.

Of the 201 settlements made, 144 totalling €20.66 million relate to bogus non-resident account holders, three totalling €0.21 million relate to Ansbacher account holders, five totalling €0.38 million relate to Revenue investigations into offshore funds and two settlements totalling €1.29 million relate to Revenue's NIB investigations.

The settlements include those made by Castlefinn, Co Donegal, oil distributor Mr Peter Byrne, who paid €1,273,465 in tax, interest and penalties as part of Revenue's investigation into National Irish Bank.

There were many farmers, publicans and builders on the list. One teacher - Mr Michael Downes, of Lambourne Park, Clonsilla - settled with Revenue for €47,615, including €32,247 in interest and penalties as part of the office's Ansbacher investigations.

The biggest published settlement was for €1,736,457 by glass and glazing contractors Knockvale Ltd in Navan Co Meath. The sum was in realtion to upaid corporation tax and VAT and was discovered during Revenue's investigations into bogus non-resident accounts.

In addition, Revenue today published 234 names of people who were fined for failing to make tax returns, filling in returns incorrectly, illegally selling tobacco, and smuggling cigarettes. These fines totalled €247,338.79.