independent

Wednesday 23 April 2014

TD availed of 1993 'last chance' tax amnesty

MICHAEL Lowry availed of the tax amnesty put in place in 1993 by then Finance Minister Bertie Ahern.

At the time, the amnesty was presented as a "last chance" for tax cheats and those who made false declarations were warned that they risked up to eight years in prison.

After availing of the amnesty in 1993, Mr Lowry went on to make a tax settlement of €1.4m to the Revenue in 2007. That was due to the emergence of secret payments to him by businessman Ben Dunne.

A Revenue file was sent to the Director of Public Prosecutions in connection with this tax settlement, but Mr Lowry declared himself greatly relieved that the decision was made not to take a prosecution against him.

However, Mr Lowry has insisted that he never broke the terms of the 1993 tax amnesty.

"It was in the context of the amnesty that my full and final settlement was made with the Revenue Commissioners in June 2007," he told the Dail in 2011. At the time, he was defending himself against a motion of censure for the findings of the Moriarty Tribunal against him.

He also insisted that there were no tax implications for him in three transactions highlighted in the Moriarty Tribunal's final report.

Irish Independent

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