Five tax defaulters made settlements with the Revenue for more than €1 million during the three months to the end of September, a list published yesterday shows. Farmers and company directors feature in the latest tax defaulters' list, writes Colm Keena.
The largest settlement in the latest issue of Iris Oifigiúil was made by businessman Mr John Smith, of Kilmashogue Lane, Rathfarnham, Dublin, who had to pay €3.7 million arising out of a bogus non-resident account inquiry.
His brother, Mr Frank Smith, of Hazelhatch, Newcastle, Co Kildare, made a €1.6 million settlement arising out of another bogus non-resident account.
A €2.8 million settlement was made by O'Connor's Nenagh Shopping Centre Ltd, of Nenagh, Co Tipperary, arising out of a National Irish Bank/bogus non-resident account case.
The company's founder, Mr Joseph O'Connor (78), a former independent county councillor, has a substantial property portfolio in the town, where he opened his first shop 67 years ago. He would not comment on the settlement yesterday.
The business had to pay corporation tax, PRSI, PAYE and VAT of €733,850, and interest and penalties of €1.454 million. It is understood the large settlement will not put the firm out of business.
Connolly Furniture Ltd, of Emyvale, Co Monaghan, made a settlement of €1.3 million and its director,
Mr Francis Connolly, of Lisboy, Co Monaghan, made a settlement of €149,208. Both settlements arose from bogus non-resident account cases.
In the case of the company, VAT and PAYE/PRSI worth €344,489 was owed. Interest and penalties were €995,006. Mr Connolly did not want to comment yesterday.
Mr Owen Duffy, a farmer and agricultural contractor from Ballymackney, Dundalk, Co Louth, made a settlement of €1 million, again arising out of a non-resident account case. Income tax and capital gains tax of €369,870 was owed, and interest and penalties of €673,900 were paid.
When Mr Duffy was contacted by The Irish Times, he asked if everyone on the defaulters' list was being contacted.
Told that only the five who had made €1 million-plus settlements were being contacted, he said: "So I'm in the top five, am I? I'm not doing so bad so. I'm glad to hear that."
He said that having money in a bogus non-resident account was of limited value because people were afraid to go near it. "What good is it having money if you can't touch it?"
The latest list gives details of 371 settlements made during the three-month period for a total of €43.16 million.
There were 80 settlements for in excess of €100,000 and 11 for in excess of €500,000. Farmers and company directors featured prominently.
A barrister and farmer, Mr Stephen Lannigan O'Keeffe, of The Inch, Mount Juliet, Thomastown, Co Kilkenny, made a settlement for €108,012, arising out of the Revenue's inquiries into offshore funds.
The settlement relates to the underdeclaration of income tax and capital gains tax, with interest and penalties making up approximately 70 per cent of the sum.
Mr Brian McKeown, a human rights consultant, of Corbawn Lane, Shankill, Co Dublin, made a settlement for €39,652 arising out of the underdeclaration of income tax and Revenue's bogus non-resident accounts inquiry.
There were three settlements associated with the Revenue's Ansbacher inquiry. The late Charles Dillon, of Herbert Park, Ballsbridge, Co Dublin, a former director Guinness & Mahon bank, made a settlement of €367,200.
The late Stephen Daly, a retired teacher and company director, made a settlement of €239,978.
The late Michael O'Keeffe, a company director of Bray Road, Foxrock, Dublin 18, made a settlement for €290,000.
