The Revenue today issued the detail of tax audit /investigation settlements completed in the period 1 January 2009 to 31 March 2009. There were 105 settlements accepted. The settlements total €32.60m. Cork businessman Clayton Love paid €1.4m; the biggest settlement was made by Monroe Mullingar for €3.8m.

Of the 105 published settlements 63 were for amounts exceeding €100,000; of which 15 exceeded €500,000 and 9 of that 15 exceeded €1,000,000.

The list is published in two parts:

Part 1 lists 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 2 lists 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.

Of the 105 settlements:

• 1 settlement totalling €1.4m relates to an Ansbacher account holder

• 5 settlements totalling €3.14m relate to Bogus Non-Resident holders,

• 27 settlements totalling €4.80m relate to Revenue investigations into Offshore Funds and

• 19 settlements totalling €4.52m 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 31 March 2009. The total yield from Revenue audit and investigation programmes settled in the period 1 January to 31 March 2009 was *€205.70m.

*The total figure includes tax, interest and penalties

Details