Belfast Telegraph

Retired Co Fermanagh businessman pays up in £10.8 million tax deal

A retired businessman from Northern Ireland has made a 13.5 million euro (£10.8m) settlement with the tax man in the Republic - one of the largest ever.

Anthony Cafferkey, from Lisnarick Road, Irvinestown, Co Fermanagh has been named and shamed on the latest defaulters' list over his tax affairs.

Listed as a retired company director, Mr Cafferkey was investigated by the Revenue Commissioners in the Republic over the use of a bogus non-resident account and offshore assets.

He was also forced to make part of the settlement for under-declaration of income tax.

Mr Cafferkey's tax bill was 6.1m euro (£4.8m), interest of 3.25m euro (£2.6m) and penalties running to 4.2m euro (£3.4m.

His name is one of 117 listed in the Irish State gazette Iris Oifigiuil for settlements totalling 31.85m euro (£25.5m) with the Revenue for the three months to the end of June.

Mr Cafferkey's settlement is believed to be the single biggest published arrangement with tax inspectors since 2006.

The Revenue's investigation into his affairs centred on bogus non-resident accounts - a tax evading scam where people set up accounts with false addresses from overseas in order to avoid paying tax on the interest on the deposits.

Mr Cafferkey was also investigated for tax liabilities over offshore assets.

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