The Revenue on Tuesday published details of audit /investigation settlements it completed in the period 1 July 2008 to 30 September 2008. a Tullamore-based building supplies company tops the list, having paid more than €8 million in taxes, interest and penalties in a settlement that is the third biggest of its kind.
The Revenue collected €24.2 million in unpaid taxes, interest and penalties from 111 individuals and companies who agreed settlements during the period.
Tullamore-based Condron Concrete paid €8.1 million in tax, interest and penalties.
The amount of tax involved was €2.9 million, while the remaining €5.2 million related to interest and penalties charged by the Revenue on tax arrears.
The case involved undeclared income tax and social insurance, as well as corporation tax, and the outcome of a Revenue offshore assets investigation case.
The Revenue's list is published in two parts:
Part 1lists every person upon whom a fine or other penalty was imposed by a court. This includes the following categories:
- Failure to file a return
- Filing an incorrect return
- Illegal selling of tobacco
- Cigarette smuggling
- Various excise and licensing offences
Part 2lists audit settlements where the Revenue Commissioners accepted a specified sum in excess of €12,700/€30,000 in settlement of any additional liability for tax, interest and penalties instead of instituting proceedings for the recovery of the penalties and where:
- a qualifying disclosure was not made by the taxpayer prior to the commencement of an audit and
- the amount of fine or penalty included in the settlement exceeded 15% of the tax.
In the 3-month period to 30 September 2008, there were 111 settlements accepted, which fall to be published. The settlements in these cases have been agreed by the respective taxpayers and total €24.21 million.
Of the 111 published settlements 44 were for amounts exceeding €100,000; of which 9 exceeded €500,000 and 2 of that 9 exceeded €1,000,000.
Of the 111 settlements:
- 5 settlements totalling €1.41 million relate to Bogus Non-Resident holders,
- 24 settlements totalling €12.28 million relate to Revenue investigations into Offshore Funds and
- 19 settlements totalling €3.44 million relate to Revenue's Single Premium Insurance Products Cases.
The published settlements reflect a portion only of all Revenue audits and investigations concluded in the 3-month period to 30 September 2008. The total yield from Revenue audit and investigation programmes settled in the period 1 July 2008 to 30 September 2008 was *€123.30 million.
*The total figure includes tax, interest and penalties.
View the Defaulters Lists
