Limerick-based insurance broker reaches €217k settlement with Revenue

A LIMERICK-based insurance broker has agreed to pay more than €217,000 in interest and penalties relating to the under-declaration of PAYE, PRSI and USC, it has been revealed.

According to the latest List of Tax Defaulters, which was published by the Revenue Commissioners this Tuesday, Tim Duggan Insurances Limited of O’Curry Street, Limerick agreed to pay a total of €217,837.

The settlement includes the payment of €127,085 in tax as well as interest (€54,844) and penalties (€35,908).

Details of a number of settlements under section 1086 of the Taxes Consolidation Act, 1997 have been included in the List of Tax Defaulters.

All of the settlements were agreed with Revenue between January 1, 2019 and March 31, 2019.

Revenue Publishes List of Tax Defaultershttps://t.co/P40DSjdKMI

— Revenue (@RevenueIE) June 11, 2019

Backloading Transport Services Limited which has a registered address at Knights Court, Cullinagh, Newcastle West agreed a total settlement of €35,514 relating to the under-declaration of underdeclaration of VAT.

The settlement consists of tax (€20,700), interest (€8,604) and penalties (€6,210).

John Griffin – a publican with an address at Old Kildimo – agreed a total settlement of €44,323 relating to the underdeclaration of PAYE, PRSI, USC and VAT.

The settlement agreed by Mr Griffin, who trades as The Seven Sisters, includes interest of €10,453 and penalties of €7,816

Another company – Munster Derivatives Limited of Ballynoe, Cahir Road, Mungret – agreed to a total settlement of €65,916.75 relating to the underdeclaration of VAT.

The company, which trades as Munster Logistics, paid €45,923.75 in tax, €6,366 in interest and €13,627 in penalties.

In a fifth case, Techpart Limited – a computer network cables supplier and installer of Unit 15, East Link Business Park, Ballysimon Road –   agreed a settlement totalling €75,551.41. 

The settlement – relating to the underdeclaration of Corporation Tax, PAYE, PRSI, USC and VAT – included €46,748.81 (tax) €14,393.03 (interest) and €14,409.57 in penalties.

Details of Revenue prosecutions finalised before the courts between January and March have also been published.

Seven of the 13 Limerick cases related to the failure to lodge income tax returns.

Three related to the used of marked mineral oil (green diesel) while there was one prosecution for failing to lodge corporation tax returns and one for failing to produce books and records.

According to Revenue, fines were imposed by the presiding judge in each case.