The former chief executive of Anglo Irish Bank David Drumm paid in excess of €6.3 million in income tax during his period on the bank’s board.
Income tax returns for the period show that Mr Drumm paid income tax of €6.31 million on gross income of €12.47 million.
The effective tax rates on his income during the period ranged from 36.52 per cent in 2004, the year he was appointed to the board, to 54.1 per cent in 2008, his last year on the board.
Pay and file income tax returns for Mr Drumm show he declared an income of €276,749 from Anglo in 2004, on which he paid PAYE of €103,245.
The following year he declared income of €833,953 from the bank on which he paid PAYE of €336,612. In 2006 he declared income from Anglo of €852,741 and paid PAYE of €344,382.
In 2007, he declared income of €7.53 million and paid PAYE of €3 million. In 2008, Mr Drumm earned €2.83 million and paid €1.5 million. Mr Drumm also paid tax on Anglo share options he was given during the period.
The Irish Times reported incorrectly that he had paid almost no income tax during the period. The report was based on a misinterpretation of a Revenue document filed in a Boston court.
Mr Drumm was appointed chief executive of Anglo in January 2005 and resigned in December 2008. The bank was nationalised in January 2009.
Mr Drumm has filed for bankruptcy in Boston and the Revenue recently notified the court of a claim for €837 in income tax against him.
The submission contained a list of Mr Drumm’s income tax liabilities and collections each year for the past number years. However tax advisors said the liabilities quoted were post the payment of PAYE and other taxes.
Mr Drumm could not be contacted today.
