Revenue collects €80 million in settlements

The Revenue Commissioners collected just under €80 million in settlement of unpaid tax in the last quarter of 2003.

The Revenue Commissioners collected just under €80 million in settlement of unpaid tax in the last quarter of 2003.

The latest list of tax defaulters, published today, shows that Revenue settled in 182 cases of tax arrears, of which the largest was €4.8 million.

McCarthy Meats Ltd of Clane, Co Kildare, made a settlement of €2.96 million for the non-payment of PAYE and PRSI. Mr James McCarthy, a company director of the same address, made a separate settlement of €1.87 million for the non-payment of PAYE, Capital Acquisition Tax and holding a bogus non resident account.

Mr James Farrell, a landlord in Rush, Co Dublin, paid €628,531 in arrears and fines for the non- payment of income tax. Mr Farrell was also a bogus account holder.

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Mr Stephen Finn, company director with an address on the North Circular Road, Dublin paid a total of €687,046 for non-payment of tax non-declaration of income tax and fines from a non-resident account.

Settlements are not published where the amount is less than €12,700, where the amount of fine or other penalty does not exceed 15 per cent of the amount of tax or where the taxpayer has, in advance of any Revenue investigation, voluntarily furnished complete information relating to undisclosed tax liabilities.

The total yield from Revenue audits and investigations in the three month period was €78.87 million.

This total was comprised of €25.20 million from 182 published settlements; €33.11 million from 347 settlements with a yield in excess of €12,700 were not published and €20.57 million from 2,561 settlements with a yield of €12,700 or below which did not fall to be published.