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Ireland Publishes Details Of Largest Tax Settlement To Date

by Jason Gorringe, Tax-News.com, London

29 June 2006

The Irish Revenue Commission's latest quarterly tax defaulters list, released on Tuesday, included the largest ever tax settlement reached by the Irish state.

The Revenue named and shamed 150 tax defaulters who made settlements in the period between January 1 and March 31, 2006 for a total amount of EUR55.5 million ($69.7 million). One settlement alone, from property developer Bovale Developments, was worth almost EUR22 million, and was the largest announced so far. This included a EUR12.5 million tax bill and almost EUR9.7 million in interest and penalties.

Other tax defaulters named by the Revenue included a musician, former Irish sports stars and even a member of the clergy. The list also included 23 farmers, 14 builders, 11 publicans, 11 hoteliers and 5 property developers.

Of the 150 published settlements, 54 were for amounts exceeding EUR100,000; a further 8 exceeded EUR500,000 and a further 8 exceeded EUR1,000,000.

The majority of the settlements (59) related to Bogus Non-Resident account holders, which totalled EUR12.73. Thirty settlements related to Revenue investigations into Offshore Funds and totalled EUR11.39 million. The remainder related to Ansbacher account holders, the Revenue's Tribunal Investigations and the Revenue's Single Premium Insurance Product Investigation.

The published settlements reflect only a portion of all Revenue audits and investigations concluded in the 3-month period to 31 March 2006. The total yield from Revenue audit and investigation programmes in the period 1 January 2006 to 31 March 2006 was EUR109.57 million.

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