06/12/22

IRELAND: Undeclared income from offshore assets among €2.8m tax bill settled with Revenue by defaulters.

As published on independent.ie, Tuesday 6 December, 2022.

The Revenue Commissioners highlighted two cases of under-declared income discovered during investigations into offshore assets in its latest list of tax defaulters.

Loghouse Living Limited, which was in the business of constructing log cabins, agreed to pay €1,075,404 in tax interest and penalties and separately CH David Magee paid Revenue more than €620,000. Both were listed as being investigations into offshores assets.

The investigation into Mr Magee, a company director with an address listed at Carrigane, Blessington, Co Wicklow, uncovered €200,000 in unpaid income tax on offshore assets not declared to Revenue. The total bill for Mr Magee included interest of €320,000 and a further penalty of €100,000.

Loghouse Living was previously based in Dublin but is now in liquidation. More than €1m was still owed to Revenue as of the end of September.

Both appeared on the list for the third quarter of 2022.

The list showed nine entities settled tax bills and fines worth more than €2.8m. Only settlements worth more than €50,000 were published by Revenue.

A Castletownbere marine fish supplier also settled a bill of more than €335,000 with Revenue in the third quarter of this year.

POS Fishing Limited was found to have under-declared corporation tax, VAT and PAYE/PRSI/USC to the tune of €196,594.

Revenue imposed a penalty of €52,343 on POS Fishing and interest of €86,000 brought its total bill to €335,339.

A haulage contractor from Kildare, Kevin Judge, paid Revenue more than €225,000 last quarter after it was determined that he under-declared VAT to the tune of €150,000.

A fast food restaurant owner from Santry, a DJ from Dublin and a farmer and contractor from Dublin were among the other defaulters to settle outstanding bills ranging from €79,000 up to €149,000.

Roman Osipinski, a man with an address in Poland was also imprisoned for eight months, with four months suspended for smuggling tobacco into Ireland while Janice Whelan, a street trader with an address in Dublin 1, was imprisoned for two months for selling tobacco illegally.

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