Revenue gains €27 million from 138 tax settlements

The latest quarterly tax defaulters' list shows 138 individuals or companies made settlements with Revenue that totalled €27.…

The latest quarterly tax defaulters' list shows 138 individuals or companies made settlements with Revenue that totalled €27.68 million in tax, interest and penalties.

The single largest settlement was for over €5.3 million by property development company Swanward Enterprises in Rathcoole, Co Dublin. The money includes taxes, interest and penalties, and was paid in respect of underdeclared corporation tax, vat and PAYE/PRSI.

A connected property business, Stanley Macadam Road Surfacing, of Rathcoole, Co Dublin, and the three men who run it - George, James and Raymond Stanley - also made settlements.

Taken together, the settlement of more than €9.1 million with Revenue represents one of the biggest in the history of the State.

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The total figure yielded from the Revenue investigations for the three months to September 30th, 2005, was €163.87 million.

Of the 138 settlements made, 73 totalling €8.99 million relate to bogus non-resident holders, one totalling €120,000 relates to an Ansbacher account holder, 14 totalling €2.24 million relate to offshore funds, three totalling €1.35 million relate to Revenue's NIB investigations and four totalling €1.03 million relate to Revenue's investigation of single premium insurance products.

Patrick Duff, a company director with an address in Kells, Co Meath, paid over €1 million; Dún Laoghaire/Rathdown County Council made a settlement of €39,647 for under declaration of VAT.

Luke Cassidy

Luke Cassidy

Luke Cassidy is Digital Production Editor of The Irish Times