Cork businessmen on list of tax defaulters

A Cork draper has made a €720,000 settlement with the Revenue Commissioners arising from the underdeclaration of Income Tax.  The settlement for Sean Murphy of 50 Glenheights, Ballyvolane, is the largest of all Cork-based defaulters listed in the quarterly list of defaulters for the period beginning on 1 January 2012 and ending on 31 March.

Company director Joseph Brian Coughlan of The Laurels, 53 Sunday's Well Road made the second highest settlement in Cork for underdeclaration of Income tax. The total amount in the settlement is €400,000. 

In all there were 11 Cork people or businesses included in the defaulters list including Automation Engineers Owen O'Callaghan Consulting Engineering Ltd, with an address at 17, Beechurst, Westwood, Ballyea Road, Carrigaline, who made a €52,819 settlement for underdeclaration of PAYE/PRSI. Another engineer, Donal O'Flynn of The Turrets, Charleville, made a settlement of €270,010 for underdeclaration of Income Tax because of an offshore assets investigation in to the case.

Independent TD Mick Wallace's construction company MJ Wallace Ltd. was the second largest settlement on the list for €2.133 million for undeclared VAT. The company, which is in receivership made the settlement arising from a Revenue audit. There is a total of 129 settlements on the latest list in which the settlements amount to a total value of €29.597 million.