Revenue's take from financial scandals nears €1bn

Five tax defaulters who paid more than €1 million each are among 371 who paid €43

Five tax defaulters who paid more than €1 million each are among 371 who paid €43.1 million to the Revenue during the three months to September 31st, according to the latest issue of Iris Oifigiúil.

Last night the Revenue disclosed that total settlements from the inquiries it has mounted as a result of the financial scandals of recent years is approaching €1 billion.

The Revenue had collected €922 million by the end of September arising out of its inquiries into bogus non-resident accounts, DIRT, Ansbacher, NIB, tribunals and funds deposited offshore.

The five people who made settlements for more than €1 million all had bogus non-resident accounts. Mr John Smith (60), of Kilmashogue Lane, Rathfarnham, Dublin, made a settlement for €3.7 million.

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His brother, Frank (57), of Hazelhatch, Newcastle, Co Dublin, made a settlement of €1.6 million.

The brothers own the Submarine bar in Crumlin, Dublin, as well as Smiths Building Supplies, Greenhills Road, Dublin, and other businesses.

The settlements arise from the under-declaration of income tax. A member of the staff at the Submarine bar yesterday said he believed the brothers were going to, or had gone to, Spain.

A former independent Tipperary county councillor, Mr Joseph O'Connor (78), founder of a supermarket and shopping-centre firm, O'Connor's Nenagh Shopping Centre Ltd, did not want to comment about his company's €2.8 million settlement when contacted yesterday.

The company made the settlement arising out of under-declared taxes including PAYE and PRSI. Mr O'Connor is a well-known figure in Nenagh and opened his first shop there 67 years ago.

He has extensive property interests in the town.

A furniture business in Co Monaghan, Connolly Furniture Ltd, made a settlement of €1.3 million. A farmer and agricultural contractor, Mr Owen Duffy, of Ballymackney, Dundalk, Co Louth, made a settlement of just over €1 million.

When Mr Duffy was told by The Irish Times that he was one of five people on the list who had made settlements of more than €1 million, he responded: "So I'm in the top five, am I? I'm not doing so bad so. I'm glad to hear that."

The biggest category of defaulters in yesterday's list was farmers.

They accounted for 80 of the 371 settlements.

Bogus non-resident account-holders made up 285 of the 371 settlements.

The total amount arising from the Revenue's non-resident account inquiry had reached €697 million by the end of September.

The Revenue's inquiry into NIB had netted €48.6 million and the Ansbacher inquiry had netted €26 million for the Exchequer by the end of September.

Tribunal-related inquiries had led to €24 million.

The Revenue has also recently initiated an inquiry into offshore funds.

People with funds offshore by way of the Bank of Ireland or Irish Permanent have been advised by them to come forward and make voluntary declarations.

A company director, Mr Douglas Armstrong, of Puck's Castle Lane, Shankill, Dublin, was identified in yesterday's list as making a €258,710 settlement in relation to offshore funds.