Revenue publishes defaulters list - Jun 06

Revenue publishes defaulters list

27 June 2006 16:02

The Revenue Commissioners has published its quarterly tax defaulters list, which includes the largest-ever settlement made in the history of the State.

There were 150 names published who paid up a total of €55.5 million.

A settlement by Bovale Developments, the company owned by Michael and Tom Bailey, significantly boosted the figures. They made a payment of €22 million.

The company owed €12.4 million in tax, but interest and penalties added an extra €10 million to its bill.

They were caught owing money on PAYE, PRSI, corporation and income tax.

The Revenue’s investigation was related to the Mahon Tribunal.

There it emerged Michael Bailey made payments of up to £40,000 to former minister Ray Burke in relation to rezoning land in north Dublin.

He paid a further £20,000 to former city and county manager, George Redmond.

The next biggest settlement on today’s list is by the late Liam McGonagle of Bailey in Howth, Co Dublin.

The solicitor paid up to €2.7 million in relation to an Ansbacher account.

Insurance brokers O’Driscoll & O’Neill of Upper Mount Street, Dublin, also made a significant payment. It made a settlement of €2.3 million for under-declaring PAYE, PRSI and corporation tax.

The next biggest settlement was retired optician Peter Crowley of Bishopstown in Cork.

He paid €2.2 million for under-declaring income tax and had been subjected to an offshore assets investigation case.

Another well-known name to appear on the list is musician Paddy Cole. He paid €834,000 for under-declaring income tax and holding a bogus non-resident account.

Former Cork hurler, Gerald McCarthy of Princes Street, Cork city, made a settlement of €432,000.

Another former GAA star to feature was Peter McDermott of Bakery Lane, Navan, Co Meath. He paid the Revenue €669,000.

This is as about as close as we will ever get to a real “Zero Tolerence” policy.

Is it not sensible and prudent to automatically audit all those implicated in any tribunals innocent or guilty other transgressions, you know as soon as there is even a whiff… it seems to work for the Revenue.