Trust fund settles 3m euro tax bill
Published 11/12/2012 | 17:04
A trust fund based in the Alpine tax haven of Liechtenstein has made a 3.25 million euro settlement with the State over tax affairs.
Fondation Quatre Chevaux with an address in the principality's capital, Vaduz, was investigated as part of inquiries into offshore deposits. It was penalised for under-declaration of discretionary trust tax.
Other million-euro settlements published by the Revenue Commissioners in the latest Defaulters' List include the liquidated firm of John McCarthy Motors, formerly of Fermoy, Co Cork, which settled for 2.59 million euro, as well as property holding firm Keppleson Properties, Hume House, Ballsbridge, Dublin, which settled for 1.27 million euro.
Daniel Kelleher was also named on the lists after he became the first person found in breach of tax rules following a joint Department of Social Protection and Revenue investigation.
The architectural salvage agent from Shanakiel in Co Cork made a settlement for 521,638 euro.
Elsewhere, farmer Denis Hayes, from Adamstown, Kilmeaden, Co Waterford, made a settlement worth 907,924 euro with the Revenue for under-declaration of capital gains tax.
Revenue said in the three months to the end of September, 113 taxpayers' names were published with settlements totalling 21.35 million euro.
The Building and Allied Trades Union settled for 146,781 euro in tax, interest and penalties for the under-declaration of PRSI and PAYE liabilities. The union, based in Dublin, has been embroiled in internal industrial disputes.
Also in a section of the Revenue list nine people were fined for cigarette smuggling including people with addresses in Dublin, Cork, Tipperary, Lithuania, Moldova and Germany and 10 people were fined or sentenced to up to 18 months in jail for selling illegal cigarettes. Forty-eight people were named after being fined for using marked mineral oil.
And the list also included a shopkeeper and a publican who were both fined for smuggling alcohol and one publican was fined for the sale or delivery of counterfeit spirits.