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03/12/2008

Offaly Concrete Firm Forced To Pay €8.1m In Unpaid Taxes

A record tax settlement has been made at an Irish court, forcing an Offaly concrete firm to payout more than €8m in overdue duties.

Revenue officials probed family-owned Condron Concrete Works, based in Tullamore, over offshore assests.

Investigators found that the firm, founded by John Condron in 1969, had under-declared on in its PAYE, PRSI and corporation tax returns.

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In the third largest settlement since Revenue began exposing tax defaulters, the Condron family have agreed to pay €2.9m in unpaid tax as well as a massive €5.2m in interest and penalties.

The two previous highest figures were €22 million and €9.2 million respectively.

A recent list of tax defaulters showed 111 individuals and companies had made settlements with the Revenue totalling over €24m this year.

(PR/JM)

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