A BUILDING supplies company has paid the Revenue Commissioners more than €8 million in taxes, interest and penalties in a settlement that is the third biggest of its kind.
The Revenue published its quarterly list of tax default settlements yesterday, covering the period from July 1st to the end of September.
It collected €24.2 million in unpaid taxes, interest and penalties from 111 individuals and companies who agreed settlements with the commissioners during the period.
Tullamore-based Condron Concrete made the biggest settlement, paying €8.1 million in tax, interest and penalties.
The actual amount of tax involved was €2.9 million, while the remaining €5.2 million was made up of interest and penalties charged by the Revenue on tax arrears.
According to the list, published yesterday, the case involved undeclared income tax and social insurance, as well as corporation tax, and the outcome of a Revenue offshore assets investigation case.
The settlement is the third largest made since the Revenue began publishing defaulters' names.
Condron Concrete is based in Tullamore, Co Offaly, and supplies concrete pipes and tiles to the building trade.
No one from the business was available to comment yesterday.
John Condron, named as a director and shareholder in company documents, founded the business in 1969.
Company records for 2007 list the other directors as Brendan O'Rourke and Teresa Condron.
The company is well known in its industry.
Documents filed with the Companies Registration Office show that the firm's shareholders are members of the Condron family. None of the directors or shareholders made any settlement with the Revenue Commissioners.
The two bigger published settlements with the Revenue were the Bailey brothers-owned building firm Bovale, which paid €22 million in 2003, and steel fabricator and engineering business, Leslie Reynolds, which paid €9.5 million in 2005.
The details released by the Revenue Commissioners yesterday show that various investigations into offshore investments and instruments such as the single premium insurance products are continuing to unearth unpaid taxes.
Banks and financial services companies introduced many of these schemes in the 1980s and 1990s and advised clients that they could use them to avoid taxes such as deposit interest retention tax.
The schemes subsequently sparked a series of investigations and tribunals, which in turn prompted a number of targeted Revenue inquiries.
