Revenue settlements totalling €12,242,766 collected from tax defaulters in the three months to the end of June have been published by the Revenue Commissioners today.
Today’s edition of Iris Oifigiúil contains a list of audit settlements completed by Revenue from April 1st to June 30th.
There were 93 settlements accepted from taxpayers, including 39 for amounts exceeding €100,000; of which four exceeded €500,000.
Revenue said 10 settlements totalling €1.48 million relate to bogus non-resident account holders.
Some 22 settlements totalling €3.12 million relate to Revenue investigations into offshore funds and 14 settlements totalling €3.14 million relate to Revenue’s single premium insurance products cases.
The largest four settlements include a sum of €635,565 paid by company director Patrick Keane of Blackrock, Co Cork. Mr Keane owed tax of €271,214 in respect of the under-declaration of income tax and PAYE/PRSI. His settlement also related to a bogus non-resident account and included penalties of €364,351.
Charles McDaid, retired company director from Buncrana, Co Donegal, paid a settlement of €588,600 in relation to under-declaration of income tax and VAT. The case also involved investigation by Revenue into single-premium insurance products and offshore assets. Mr McDaid owed tax of €215,005 and penalties of €373,595.
Derek Jones of Ballykea, Skerries, Co Dublin, a retired company director, paid a total settlement of €575,000 in a case involving under-declaration of income tax. The case also involved a Revenue investigation into single-premium insurance products. Mr Jones's settlement included some €411,892.93 in penalties.
Site developer Joseph Miley of Dunlavin, Co Wicklow, paid Revenue a settlement of €514,730.77 in respect of offshore assets and under-declaration of income tax. This included penalties of €342,369.63.
The total yield from Revenue audit and investigation programmes settled in the three-month period was €153.10 million, which includes tax, interest and penalties.
Only settlements in excess of €12,700 or €30,000 are published by the Revenue, where the amount of the fine or penalty involved does not exceed 15 per cent of the amount of tax owed, or where the taxpayer has made a voluntary disclosure in advance of a Revenue investigation.