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Buncrana man in 500k tax settlement 15.09.08

A RETIRED company director from Buncrana made the second largest payment to the Revenue in the latest round of tax defaulters settlements.
Charles McDaid, from Cahir O'Doherty Avenue made a settlement of 588,600 as a result of his investments in offshore assets and a single premium insurance product. He was one of two people from Inishowen and five from Donegal who are named on the latest list.
Danny McDermott, a fisherman from Ballylawn, Redcastle, made a settlement of 35,764 as a result of undeclaration of income tax and investment in offshore assets. Edward O'Donnell, a retired company director and publican from Creevy, Ballyshannon, paid 444,964 as a result of undeclaration of income tax and investment in a bogus non-resident account. James O'Donnell, a retired company director from Creevy, Ballyshannon paid 375,278 as a result of undeclaration of income tax and a single premium insurance product. John Arnold, an electrician from Meenacahan, Inver, made a settlement of 90,000 as result of his investment in offshore assets, undeclaration of income tax and a single premium insurance product. The largest payment in the country in this round was made by company director Patrick Keane of Blackrock in Cork who topped the list with a settlement of 635,565 as a result of an investment in a bogus non-resident account.
Overall the defaulters list includes 19 company directors, 20 builders or related occupations, eight farmers, three professionals including a solicitor, 16 retail outlets, including shops, pubs and filling stations, three landlords, and five restaurant owners. The latest defaulters list is from tax audits completed by the Revenue from April 1 to June 30 this year.
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