Lowry says no mystery in 13-fold increase in tax bill

Michael Lowry has said there is no mystery in his refrigeration company reporting a 13-fold increase to its outstanding tax bill for 2012.

Accounts for Garuda Ltd, a company he fully owns, reported that at the end of December it owed €204,858 in PAYE, VAT and corporation tax. The bulk of this, €151,938, related to income tax.

A year earlier, the figure was €15,119 and nothing was outstanding for VAT and corporation tax.