Offaly man settles with Revenue for close to €700,000

Offaly Express Reporter

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Offaly man settles with Revenue for close to €700,000

There are three Offaly inclusions on the latest List of Tax Defaulters published by Revenue for the the period from October 1, 2016 to December 31, 2016 with the settlements totaling in excess of €850,000.

Carthage Keyes, Camper Van Sales Agent from Cappincur, came to a settlement of €698,663 for underdeclaration of Capital Gains Tax, Income Tax and VAT. The figure is made up of €315,624 in tax, €150,125 in interest and €232,914 in penalties.

Nigel Johnston, a restaurateur on Military Road, Birr came to a settlement of €90,195.30 for underdeclaration of Income Tax, VAT & PAYE/PRSI. That figure is made up of €41,103.04 in tax, €7,989.22 in interest and €41,103.04 in fines.

Bunny's Bar Limited on Main Street in Clara came to a settlement of €74,057.83 for underdeclaration of VAT and PAYE/PRSI made up of €52,165 in tax, €6,243.83 in interest and €15,649 in penalties.

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Settlements are only published when the extensive voluntary disclosure options are not availed of and the default arises as a result of careless or deliberate behaviour. Unpaid amounts are subject to normal collection and debt recovery procedures.

Settlements are published when Revenue accepts a specified sum arising from a settlement, instead of instituting court proceedings for the recovery of the penalties. The sum accepted must include tax, interest and a penalty. It must exceed €33,000 (€30,000 in respect of liabilities arising between January 1, 2005 and January 1, 2010 and the amount of the penalty must exceed 15% of the tax.

In total 76 taxpayers are published in respect of the three month period to 31 December 2016 with €11.06m being the total of settlements in these cases. Twenty-nine of these cases were for amounts exceeding €100,000 of which four exceeded €500,000.