Revenue nets €107m from tax settlements in Q1

THE Revenue Commissioners netted €106.8 million in tax settlements during the first quarter of this year.

The names of a total of 78 people and companies who made settlements totalling €15.56m were published yesterday in the Iris Oifigiúil, the Irish State Gazette. These were made between the start of January and the end of March — 39 of which exceeded €100,000 in value, while eight were for more than €500,000. One settlement was for more than €1m; that of Sean Joyce, a Co Mayo-based discount store proprietor who settled (after interest and penalties were tagged onto his bill) for just under €1.5m.

The second highest settlement — for €925,000 — was made by south Dublin nursing home proprietor, Robert Fagan.

The top two cases both related to under-declaration of income tax, with Mr Joyce also listed for under-declaration of VAT and counted as one of Revenue’s bogus non-resident account cases.

The number of settlements made in the first quarter were down on the 88 for the corresponding period last year but up on the 62 settlements made in the final three months of 2010.

In the first published instance of falsely claiming tax relief on health expenses, a Co Cork man has received a €2,500 court-imposed fine.