Development firms hit with €10m bill for dodging tax

Two connected companies involved in lucrative property and land developments and the three men who run them have been hit with a €10m bill for tax dodging, it emerged today.

Two connected companies involved in lucrative property and land developments and the three men who run them have been hit with a €10m bill for tax dodging, it emerged today.

Following its latest investigations, the Revenue secured payments totalling €9.3m from George, James and Ray Stanley and their businesses Swanward Enterprises and Stanley Macadam Road Surfacing.

It was the second time Swanward has been caught dodging tax. In late 2002, the firm was forced to pay €101,061 in unpaid tax and penalties for underdeclaration of VAT.

The Stanleys, property and land developers based in Blackchurch Business Park, Rathcoole, Co Dublin, agreed to pay €2.92m for underdeclaration of VAT as part of a Revenue audit case.

They also made individual payments totalling €357,888.

Swanward Enterprises Ltd, which has been involved in upmarket developments such as Furness Manor in Johnstown Village, Naas, was ordered to pay €5.33m for underdeclaration of corporation tax, VAT and PAYE/PRSI.

The quarterly list of tax defaulters, published in Iris Oifigiuil, showed there were 138 settlements with the Exchequer totalling €27.68m.

In the three-month period to September 30, 2005 the total yield from Revenue audits and investigations was €164m.

There were three single payments of more than €1m. Two payments related to the Stanley’s property and land development firms. A third payment came from Patrick Duff, a company director from Headfort Road, Kells, Co Meath.

Mr Duff was ordered to pay a total of €1.036m in unpaid tax and penalties for underdeclaration of income tax and VAT in a Revenue Bogus Non-Resident Account case.

Iris Oifigiúil detailed 73 settlements totalling €8.99m from Bogus Non-Resident account holders, and only one settlement of €120,000 relating to an Ansbacher account.

The Revenue secured 14 payments of €2.24m following investigations into offshore funds and three settlements totalling €1.35m after the Revenue’s National Irish Bank probe.

For the first time there were settlements relating to the Revenue’s Single Premium Insurance Product Investigation, with four settlements totalling €1.03m.

Anthony Cassidy, of St Orans Road, Buncrana, Co Donegal, made the single biggest settlement in relation to this probe. He is a company director in a builders’ suppliers firm and was ordered to make the payment for underdeclaration of income tax and VAT.

One settlement resulted in a prison term. Aidan Price, from Rathangan, Co Kildare, was jailed for one day, suspended for a year, for failing to lodge income-tax returns for rental income.

Dun Laoghaire Rathdown County Council is also listed as a defaulter after settling for just under €40,000 for underdeclaring VAT.

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited