Sunday 20 April 2014

Parnell's GAA club makes €100k tax settlement

A Cork businessman has made a settlement of more than €6.2m with the Revenue Commissions after failing to pay his tax.

Parnell's GAA Club in Coolock, Dublin have made a large tax settlement.

Parnell's reached a €101,794 settlement for its under-declaration of PAYE and PRSI.

A Cork businessman has also made a settlement of more than €6.2m with the Revenue Commissions after failing to pay his tax.

John Joseph McCarthy, formerly of Flower Lodge, Strawhall in Fermoy, was investigated for underdeclaration of income tax, stamp duty and capital gains tax of €2.4m, and was hit with interest of €1.5m and penalties of €2.2m.

He is one of 88 taxpayers who handed over €27.6m after making settlements with Revenue.

The second-highest settlement involved well-known Galway hotel the Skeffington Arms on Eyre Square, which must pay €4.1m after being subjected to an indepth investigation by Revenue.

The quarterly list shows that 43 of the cases were for amounts exceeding €100,000, another eight were in excess of €500,000. Six were for over €1m.

Some four of the 88 published settlements, which yielded €1.82m, relate to Revenue’s ongoing investigation into Offshore Funds.

The published settlements reflect a portion only of all Revenue audits and investigations concluded in the 3-month period to 30th September 2013. Settlements are only published when the extensive voluntary disclosure options are not availed of and the default is as a result of careless or deliberate behaviour. A total of 1,888 Revenue audit and investigations together with 21,449 Risk Management Interventions were settled in the period 1 July 2013 to 30th September 2013 resulting in yield of €116m.

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