Revenue nets €43m from tax defaulters

BOGUS non-resident account holders were the biggest payers in the latest Revenue Commissioners name-and-shame list of tax defaulters which netted €43.1 million for the Exchequer.

A total of 285 bogus-non-resident account holders paid €36.5m in unpaid tax, interest and penalties in the period July-September 2003. Seven of the cases related to the National Irish Bank investigation and totalled €3.2m.

The yield from Revenue audit and investigation programmes was €137.21m but the names of almost 4,000 tax defaulters were not published because the amount was less than €12,700 or the penalty did not exceed 15% of the tax due and where the taxpayer has voluntarily provided complete information on undisclosed tax liabilities.

The list of tax defaulters published in Iris Oifigiúil includes five settlements in excess of €1m.

John and Frank Smith, directors and owners of the Submarine Bar in Crumlin, Dublin, made settlements of just over €5m for under-declaration of income tax and a bogus non-resident account case.

The second-largest settlement was by O’Connor’s Nenagh Shopping Centre Ltd, which made a settlement of €2.2m for the under-declaration of corporation tax, PAYE/PRSI and VAT. Over €1.45m of the settlement was in interest and penalties.

Company director Joseph O’Connor paid 102,402 in a personal capacity for under-declaration of income tax and capital gains tax.

Monaghan-based Connolly Furniture of Emyvale paid a total of €1,339,495 for under-declaration of VAT and a bogus non-resident account; €995,006 was interest and penalties.

Company directors Francis Connolly, Lisboy, Co Monaghan, and Terrence Connolly, Drumbear, Co Monaghan, paid €149,208 and €151,297 respectively. Dundalk agricultural contractor Owen Duffey from Clonturk, Ballymackney, paid a total settlement of €1,043,770, €673,900 in interest and penalties.

More than 30 of those named in the list are deceased.