Aoife Quinn in tax dispute with Revenue over payments from Russian companies
Aoife Quinn, daughter of one-time billionaire
Seán Quinn
, is embroiled in a dispute with the Revenue Commissioners over tax payable on money she received from Russian companies owned by her family's business empire.
The Revenue Commissioners has appealed to the High Court a Tax Appeals Commission determination published last year in respect of Ms Quinn's income tax assessment for 2011 and 2012, when she received monies arising from 'bogus' employment contracts signed with three Quinn Group-owned Russian companies – Finansstroy, Red Sector and Logistica.
The High Court heard on Wednesday that Ms Quinn contends these contracts were a cash extraction scheme, primarily used to fund the Quinn family's legal battle with the Irish Bank Resolution Corporation (IBRC).
In the 2010s, Seán Quinn and his children, including Ms Quinn, were involved in proceedings against IRBC, home to the remnants of the Anglo Irish Bank, which collapsed during the economic crash of 2008.
READ MORE
The proceedings centred on IBRC's attempts to recover billions of euro of debts owed to Anglo Irish Bank by the Quinn family. Following various cases, the litigation was resolved in 2019.
According to court documents, Ms Quinn received almost €540,000 in gross payments from the three Russian companies owned by Quinn Group between 2011 and 2012. The total tax bill issued by the Revenue for the two years came to €301,718.
Last year, the Tax Appeals Commission determined the money received by Ms Quinn from Finansstroy (€351,465.20 gross) should be removed from Revenue's assessment of her income tax returns for 2011 and 2012, after finding the money was incorrectly assessed.
The commissioner's determination was based on Ms Quinn's evidence, and the findings of Russian courts, that the 'employment' relationship between Ms Quinn and Finansstroy 'was wholly bogus and unlawful'.
There is a specific provision in Irish law that allows for taxing of profits or gains obtained unlawfully, but the Revenue did not assess the Finansstoy money under this provision.
The commissioner noted there was no finding of criminality in respect of the employment relationship.
Ms Quinn had appealed to the Tax Appeals Commission following Revenue's assessment of her income tax returns for 2011 and 2012.
Revenue appealed the commissioner's determination to the High Court last year, seeking the court's opinion on several points of law it says arises from the determination.
Opening the case on Wednesday, Aoife Goodman SC, appearing with Kieran Binchy BL appearing for Revenue, submitted to Ms Justice Siobhán Stack that the commissioner erred in finding the income received from Finansstroy could only be assessed under section 58 of the Taxes Consolidation Act 1997. This section allows for taxation of profits or gains where the source of which is unknown, or arises from an unlawful source or activity.
Revenue assessed the Finansstroy money under section 18 of the Taxes Consolidation Act, which allows for taxing of income arising from an employment outside the State.
Ms Goodman also submitted that the commissioner was wrong to conclude that the Revenue was 'aware of the unlawfulness' of the source of the Finansstroy money when it made its income tax assessment.
Bernard Dunleavy SC, appearing with Eoin O'Shea BL for Ms Quinn, will lay out his client's case on Thursday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
3 hours ago
- Irish Times
Trinity climbs to 75th in world university rankings
Trinity College Dublin , Ireland's highest-ranked third-level institution, has jumped 12 places to 75th in the latest set of world university rankings, while Ireland is the most improved higher education system in Europe. The QS World University Rankings 2026 show that seven of Ireland's eight universities have climbed up the global league table, boosted by factors such as employer reputation and the rising proportion of international staff and students. For the first time all Irish universities now feature among the world's top 800. While Trinity is the highest ranked, it is followed by UCD (118th, up eight places), UCC (246th, up 27 places), University of Galway (284th, down 11 places), University of Limerick (401st, up 20 places) and Dublin City University (410th, up 11 places). READ MORE In addition Maynooth University has climbed the rankings (771-780th, up from 801-850) along with Technological University Dublin (781-790, up from 851-900). The QS World University Rankings 2026 evaluate more than 1,500 universities across 100 countries and territories. Rank in Ireland 2026 rank 2025 rank Institution 1 75 87 Trinity College Dublin 2 118 =126 University College Dublin 3 246 =273 University College Cork 4 284 =273 University of Galway / Ollscoil na Gaillimhe 5 =401 =421 University of Limerick 6 =410 =421 Dublin City University 7 771-780 801-850 Maynooth University 8 781-790 851-900 Technological University of Dublin Overall, MIT in Cambridge, Massachusetts, retains its top position for the 14th year, followed by Imperial College London (second) – led by former UCD president Prof Hugh Brady – and Stanford University (third). While there are more than a dozen world university rankings, the QS version is considered by education observers as one of the 'big three', alongside Times Higher Education and Shanghai's Academic Ranking of World Universities. Critics say university rankings are not an accurate measure of performance and neglect key areas such as the quality of teaching and learning. They remain influential internationally, however, in areas such as reputation, research and student choice. The rankings show Trinity College Dublin improved across key indicators used such as academic reputation, international faculty and graduate outcomes. Trinity's provost Dr Linda Doyle said the rankings news 'encourages us to be even bolder in our ambition for Trinity and, indeed, for Ireland – an ambition that should be championed and defended regardless of the rankings'. She said a sustainable funding model for higher education in Ireland was key to helping it thrive. 'While increased core funding helps us to achieve our ambitions on the national and international stage, we need to see an absolute step-change in how universities and research are funded in Ireland.' Universities have welcomed additional core funding in the Budget 2025, but noted that a €307 million funding gap identified by Government in 2022 is still not fully closed. Ben Sowter, senior vice-president at QS, said Ireland's 'outstanding results' showed the country's campuses were increasingly 'open and diverse, which benefits both domestic and international students, as well as employers seeking globally minded talent'. He said Ireland outperformed many European counterparts and global English-speaking student destinations in key areas such as employer reputation, international faculty and sustainability. Every Irish university also improved its international students ratio, reflecting growing international appeal and diversity on Irish campuses. Mr Sowter said general improvements across the board in academic reputation also showed the increased regard in which institutions' research and educational innovativeness is held. 'Improving the ratio of faculty to students, heightening intensity of research undertaken at universities and ensuring graduates are supported to go on to make meaningful impacts on society will help Irish universities keep improving and making positive contributions to both Ireland and the globe,' he said. Globally, the US remains the most represented system, with 192 universities, and sees more institutions rise than fall in this edition. China has continued its ascent with Peking University holding on to its 14th place, while Tsinghua University rose to 17th, and Fudan University climbed nine spots to 30th, signalling a strong research-led push.
Irish Times
3 hours ago
- Irish Times
Draft occupied territories Bill not expected to cover banning trade in services, says Frances Black
Independent Senator Frances Black has said she expects draft Government legislation banning trade with illegally occupied Palestinian territories will not cover trade in services. The Government has indicated it will publish draft legislation before the end of this month, but has indicated its legal advice is against extending this to trade in services and instead focusing on trade in goods. Ms Black, who first published legislation seeking to curtail trade with the territories in 2018, also said she hopes to be called before the Committee on Foreign Affairs, where she will make the case for the legislation to cover services. Tánaiste Simon Harris, who will bring the legislation to Cabinet next week, has indicated an openness to considering amendments on trade in services if they are brought forward during the legislative process. READ MORE Mr Harris indicated earlier this week that the general scheme – an outline of the legislation – will go to Cabinet next week, which Taoiseach Micheál Martin reiterated at a meeting of his parliamentary party on Wednesday evening. On Tuesday, the Tánaiste said the Bill 'just needs a little bit of final work from a legal point of view' before going to Cabinet next week. Once that is published, it will be sent to the Oireachtas Foreign Affairs committee for pre-legislative scrutiny, a process which is expected to take around two to three weeks to complete. 'I don't think there'll be services in the general scheme, and that's where the debate will be in the Foreign Affairs committee, that's my expectation, that it won't be in,' Ms Black told The Irish Times on Wednesday. She said that her hope was that legal experts whose view is that the inclusion of services is legal will be asked before the committee to give evidence. [ Government wants to pass Bill banning trade with occupied Palestinian territories 'this summer' Opens in new window ] The inclusion of services could potentially mean tech and finance companies which conduct business in the occupied territories. Earlier this week, five separate international legal challenges were launched against Airbnb, the short-term lettings platform, which pro-Palestinian and human rights activists say is currently managing more than 300 holiday lettings in the West Bank. Elsewhere, Mr Harris told his parliamentary party meeting that the escalation in hostilities between Israel and Iran cannot distract from the situation in Gaza, where he said children are starving and humanitarian aid is not getting through. Mr Harris also told his TDs and Senators that the return of AIB to full private ownership is a 'milestone moment' and contrasted it with 2011 'when the entire banking sector was destroyed and the IMF were in town following reckless economic mismanagement'. Mr Martin told the Fianna Fáil meeting that the Government would consider proposals next week arising from the Dublin City Taskforce report, which would include funding for key initiatives including a special-purpose vehicle to partner with site owners to 'transform' the O'Connell Street area. He also welcomed the expansion of the rent pressure zones (RPZs) agreed by Cabinet last week and the granting of additional powers to the Land Development Agency, which got Government approval this week.
Irish Times
4 hours ago
- Irish Times
House destroyed by fire following explosion in Roscommon
Emergency services are at the scene of a house fire in Co Roscommon caused by a large explosion. Residents in The Oaks estate in Frenchpark are said to have heard a loud bang at about 7.10pm. Footage on social media appears to show the house almost completely destroyed by fire, with its roof caved in. It is unclear whether anybody was in the house at the time of the fire. READ MORE Gardaí said they were made aware of the incident at 7.15pm and remain on site. Investigations are ongoing. The estate was build in 2004 and consists of approximately 50 houses and a number of apartments.
