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Monday 23 October 2017

Fallon & Byrne pays €730,000 in tax and penalties

Shane Hickey

A HIGH-END city-centre supermarket and restaurant has been ordered to pay more than €730,000 in unpaid taxes and penalties to the Revenue.

Fallon & Byrne, in central Dublin, was fined by the Revenue Commissioners after the company was found to have underdeclared its VAT bill.

The three-level building on Exchequer Street features a wine bar, food hall and restaurant and is well known as a venue for social functions and weddings. The business was opened by Paul Byrne and his partner, former journalist Fiona McHugh, in 2006.

In a separate case, Fallon & Byrne director Paul Byrne, who works as a building contractor with his father, was ordered to pay almost €645,000 in back taxes, interest and penalties for underdeclaring taxes.

The Revenue Commissioners said €17.17m had been paid over as a result of 83 settlements in the latest tax defaulters' list, which was published in 'Iris Oifiguil'.

Following an audit by the Revenue, Fallon & Byrne was told to pay €362,474 in taxes and another €371,245 in interest and penalties. The bill totalled €733,719.

In the other settlement, Paul Byrne and his father Peter, of Varakaj Oak Way, Walshestown, Newbridge, Co Kildare, made a settlement of €644,058 with the Revenue Commissioners. This was for the underdeclaration of VAT, PAYE/PRSI and contracts tax.

The settlement followed an audit and the final sum was made up of €400,000 in taxes and €244,058 in penalties and interest. Mr Byrne could not be contacted for comment.

The largest settlement was made by Wordperfect Translations Ltd, a translation and interpretation service based at 58 Fortlawn Park in Blanchardstown, Dublin, which has paid over €1,673,428, split almost evenly between back taxes and interest. The Revenue Commissioners said this came about after the underdeclaration of PAYE and PRSI.

Penalties

Robert Walsh of Balnagowan House in Dartry, Dublin 6, a solicitor and property investor, settled for €1.365m -- €512, 337 in back taxes and €852,663 in interest and penalties.

Another major settlement was made by Josephine Meow Yoong Kam, a restaurateur from 8 O'Connell Street in Waterford, who settled for €1,147,247 for the underdeclaration of income tax and VAT.

Irish Car Rentals Ltd, from the Westlink business park, on the Ennis Road in Limerick, settled for €834,157 for the underdeclaration of VAT.

The latest tax defaulters' list -- which is for the period between April 1 and June 30 this year -- showed two settlements from cases involving bogus non-resident account holders and seven involving offshore funds.

However, the published settlements only represent a fraction of the audits and investigations during the period, which yielded €120.1m.

Irish Independent

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