Business News
- It was claimed at the first National Payments Conference in this country that Ireland is lagging behind its neighbours by the slow rate of movement towards a cashless society. It seems that we are much more likely to make purchases with cash and, at a time when most modern economies are abandoning them, we still use cheques regularly. The conference was told that by retaining these antiquated practices we are losing money on a grand scale. It was suggested that one reason for the slow adoption of credit cards is the government's decision to impose stamp duty on all cards.
- Revenue has published its latest quarterly list of tax defaulters who between them had to pay €31.6m in back taxes, interest and penalties. Of the 141 names on the list the one that stands out is that of Anthony Fogarty of Arklow. He had to come up with €2.75m while his company, P. Boland hardware merchants, was liable for a further €2.25m. Others caught for more than €1m were: Thomas Carroll, a retired optician from Roebuck, Dublin (€1.72m); Michael Keane, a company director from Ballsbridge, Dublin (€1.02m); Séamus Quinn, a retired company director and farmer from Enniscrone, Co. Sligo (€1.82m); Frederick Shekleton, a farmer from Dromconrath, Co. Meath, (€1.5m); and Peter Sweeney Snr, a farmer and potato merchant from Newcastle, Co. Dublin (€1.29m). When the value of unpublished settlements is included the total amount recovered during the quarter was €171m. The full list can be seen at http://www.revenue.ie/publications/lists/def2-7-06.pdf
