A motor dealer and oil supplier, James Joseph Daly, trading as Any Gear, of Grays Meadow, Cloghan, in Co Offaly has been hit with an €11.7m settlement with the Revenue Commissioners linked to the non-declaration of income tax and VAT.
He was issued with a tax demand of almost €4.7m and interest accruing of €2.5m. He was also charged a near €4.6m penalty by the Revenue Commissioners. However, none of the money had been paid as of the end of last March.
The latest tax defaulters’ list from the Revenue Commissioners shows that it was the largest settlement made during the first quarter of this year.
Settlements are published by the Revenue Commissioners when its extensive voluntary disclosure options are not availed of and the default arises because of careless or deliberate behaviour.
Another Co. Offaly based business, Flaherty Fuels Oils Ltd of Ballylin, Ferbane, were also audited and found to be under-declaring excise duty. They were hit with penalties totalling €89,641.43 on a tax bill of €388,446.22 and €271,912.35 in interest. Their total bill owed to Revenue afterwards was €750,000. This bill was paid in full by March 31st. of this year, according to Revenue records.
Others that are auto related on this defaulters list include a former tractor dealer and repair services businessman, Dermot Rea, Carrickaroche, Galbally, Co.Limerick. The tax bill for under-declaration of income tax and VAT was €69,908.80 with interest added of €17,203.60, plus penalties of €27,963.52, giving a total of €115,075.92. The Revenue records show that €111,623.90 remain unpaid as of Match 31st. 2021.
Another on the list just published was a second-hand car dealer, Kevin Shields, T/A Kevin Shields Cars, of Clash, Ballinacourty, Dungarvan, Co. Waterford. The tax bill for non-declaration of income tax and under-declaration of VAT was €61,418.00 with interest added of €30,362.00 and penalties applied of €18,426.00 for a total of €110,206.00 owed. This bill was paid in full by March 31st. of this year, according to Revenue records.
Revenue’s list of tax defaulters shows €13.8m in settlements are still unpaid for the first quarter.
Revenue said 30 settlement cases were published for the first quarter, for a total amount of €21.3m. Of the cases, 16 were for amounts exceeding €100,000, of which five exceeded €500,000.
The total amount still unpaid as of the end of March from the first quarter settlements was €13.8m. Revenue noted that published settlements only reflect a portion of all the audits and investigations in concludes in any given period.
The tax collector said that during the first quarter, a total of 234 Revenue audit and investigations, as well as 15,720 risk management interventions, were settled.
They yielded €121.4m in tax, interest and penalties.