For the record, here is the full original article thanks to Google cache
Drumm paid just €10,000 tax on €10m Anglo Irish income
COLM KEENA, Public Affairs Correspondent
DAVID DRUMM earned more than €10 million during his period as chief executive of Anglo Irish Bank but paid less than €10,000 in income tax.
Documents filed in Boston as part of Mr Drumm’s bankruptcy application there show he received income tax rebates in 2004, 2005 and 2006, when he was one of the most highly paid bankers in Ireland.
In 2007 Mr Drumm was paid €3.27 million and was the highest paid chief executive of an Irish bank. However, he paid just €2,216.94 in income tax, according to a Revenue document filed in Boston.
How it was that Mr Drumm essentially paid no income tax during his period at the helm of the bank is not known. The sudden drop in his tax bill coincides with his being appointed to the Anglo board.
Mr Drumm paid €87,872 in income tax in 2002 and €135,451.35 in income tax in 2003, the last year he was subjected to a significant tax bill. It is not known how much he earned in these years as his income was not publicly disclosed until he joined the Anglo board.
Mr Drumm was co-opted onto the Anglo board in September 2004. At the time he was a senior executive in the bank. He received a tax rebate that year of €19,350. His 2004 income is not known.
He was appointed chief executive in January 2005 and earned €2.35 million that year, according to the bank’s 2005 annual report. He received an income tax rebate of €7,598.78, according to the Revenue document filed in Boston.
The following year Mr Drumm earned €3 million and received an income tax rebate of €4,950.84. In 2008 he earned €2.13 million and paid €39,625 in income tax. He resigned as chief executive in December 2008 and the bank was nationalised the following month.
The Revenue has made a submission to the court in Boston where Mr Drumm has filed for bankruptcy stating that the former chief executive still owes €716 in income tax from 2008, and €121 in interest. As part of the submission from the Collector General’s insolvency unit, a statement of account showing past income tax liabilities and payments by Mr Drumm was submitted, showing the figures quoted above.
A spokewoman for the bank had no comment when asked if the bank’s executive directors had a tax avoidance structure. Mr Drumm, who returned from working in the bank’s US offices in 2003, appears to have become involved in aggressive tax planning at about the same time he joined the board. He could not be contacted. The Revenue would not comment.
