Wednesday 22 November 2017

Defaulters list reveals Liechtenstein trust settled €3m tax bill

Ed Carty

A TRUST fund based in the Alpine tax haven of Liechtenstein has made a €3.25m 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 €2.59m, as well as property holding firm Keppleson Properties, Hume House, Ballsbridge, Dublin, which settled for €1.27m.

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.

Elsewhere, farmer Denis Hayes, from Adamstown, Kilmeaden, Co Waterford, made a settlement worth €907,924 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 €21.35m.

The Building and Allied Trades Union (Batu) settled for €146,781 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 ten 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.

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