Former car tycoon makes €6.25m tax settlement

A former Cork car sales tycoon and witness at the Mahon Tribunal has made a €6.25m settlement with Revenue for under declaring income tax, capital gains tax, and stamp duty.

John Joseph McCarthy, formerly based at Flower Lodge, Strawhall, Fermoy, Co Cork, is now believed to spend the majority of his time abroad, possibly in Brazil.

Mr McCarthy paid penalties and interest of €3.8m on a tax bill of €2.4m, leaving him with a total settlement of €6,248,865.