An investment vehicle linked to music promoter Denis Desmond fell foul of the taxman

Gaiety Investments was ordered to pay more than €700,000, according to the latest tax defaulters list.

By Conor McMahon Deputy editor, Fora

A COMPANY WITH ties to entertainment promoter Denis Desmond has had to pay hundreds of thousands of euro to Revenue for under-declaring its tax bill.

According to the latest list of tax defaulters, Gaiety Investments Unlimited Company, located at 7 Park Road, Dún Laoghaire, was handed a bill of more than €700,000 for the under-declaration of PAYE/PRSI/USC following an audit.

Some €315,000 of the final tally was related to interest and penalties alone. The company had settled with Revenue by 30 June.

Denis Desmond and Caroline Downey are directors of Gaiety Investments, which last month sold a 50% stake in music promoter MCD to concerts and events powerhouse Live Nation as part of a joint venture agreement.

The €700,000 tax bill was the largest settlement listed on the defaulters’ list for the period of April to June 2018.

Throughout the three-month period, Revenue ordered 66 individuals and companies to pay taxes owed, interest and penalties collectively worth €8.8 million.

The Oireachtas Communications Committee has urged the Government to widen the funding regime for public service broadcasting, to include homes which do not have a television set.Ê Such a regime would involve the introduction of a public service broadcasti
Source: Laura Hutton/RollingNews.ie

Another noteworthy entry on the latest tax defaulters list is Blackrock-based Blue Elf Inc Limited, which is owned by comedian and broadcast entertainer Mario Rosenstock.

The media services provider was ordered to pay over €118,660 for the under-declaration of PAYE, PRSI and USC. The company has settled the full bill with the tax authorities.

The second-largest bill was handed to medical consultant Naveed Khawaja, with an address at Moycarn Drive, Ballinasloe, Co Galway, who paid €513,760 following the under-declaration of income tax.

This was followed by the €440,000 that a Galway-based motor vehicle dealer was ordered to pay for under-declaring its VAT bill. As of 30 June, Vehicle Wholesalers Limited – with an address in Kilcolgan – had yet to settle with Revenue.

Some other notable inclusions on the defaulters list included: 

  • Kerry-based catering equipment provider Corcoran Food Machines Limited, with an address in Upper Rock Street, Tralee made a settlement of €364,275 for under-declaring corporation tax and PAYE/PRSI/USC.
  • Restaurateur and catering wholesaler Ardalon Limited, with an address in Unit 8A, Kingswood Business Park, Baldonnell, Dublin 22, was ordered to pay more than €359,880. The company is now in liquidation and hadn’t settled with Revenue by the end of June.
  • Fast-food provider Nunzio Magliocco, who operates the Ballybofey Grill and has an address at Main Street, Ballybofey, Co Donegal, was ordered to pay just over €336,400 for the under-declaration of income tax, VAT and PAYE/PRSI/USC. As of 30 June, Magliocco had paid over €330,580.

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