Bovale's €22m settlement heads list of 150 named tax defaulters

The largest published tax settlement in the history of the State tops the list of 150 tax defaulters named yesterday by the Revenue Commissioners.

The record settlement of €22.17 million from Bovale Developments includes tax owed of almost €12.5 million and interest and penalties of almost €9.7 million in a case that arose as a result of the Flood tribunal.

Thomas and Michael Bailey of Bovale Developments confirmed earlier this month the settlement made with Revenue. The quarterly tax defaulters list published in Iris Oifigiúil also includes musician Paddy Cole, a Cork clergyman and two former GAA players.

The list also includes 23 farmers, 14 builders, 11 publicans, 11 hoteliers and five property developers.

The 150 published settlements paid in the first three months of 2006 total €55.5 million. Not all settlements are published and the total yield from Revenue audits and investigations in this period was €109 million.

Eight settlements were for sums in excess of €1 million, including four involving payments of more than €2 million. Former showband leader Paddy Cole made a settlement of €834,726 in relation to a bogus non-resident account and the Revenue's investigation into offshore funds.

Catholic priest Bartholomew Desmond, of Carriganima, near Macroom, Co Cork, made a settlement of €30,936 in relation to a bogus non-resident account and underdeclaration of income tax. Fr Desmond is a retired primary school principal and the uncle of entrepreneur Dermot Desmond.

Former Cork hurler Gerald McCarthy, listed as a trophy shop proprietor, made a settlement of €432,807 in underdeclared income tax and VAT. Another former GAA star, Peter McDermott, made a settlement for €669,148. Mr McDermott, who appeared in several all-Ireland football finals for Meath between 1949 and 1954, is a retired egg distributor.

Insurance brokers O'Driscoll & O'Neill Ltd, of Upper Mount Street in Dublin, made a settlement of €2.37 million in a case arising from the offshore assets investigation. The estate of deceased solicitor Liam McGonagle settled a case arising from the Ansbacher investigation for €2.75 million. McGonagle, from Howth in Dublin, was a close associate of former taoiseach Charles Haughey.

Retired optician Peter J. Crowley of Bishopstown, made a settlement of €2.2 million for underdeclaring income tax liabilities. The other four settlements exceeding €1 million were by retired company director James McGrath, of Grange Park, Waterford; farmer Kieran Maleney, from Ferbane, Co Offaly; Peter Lydon, the retired owner of a TV repair shop in Kilkelly, Co Mayo; and building contractors Chatham Pipelines Ltd from Skerries, Co Dublin.