PJ Carroll & Co Ltd Financial Performance and Tax Audit
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Published: 2025/11/29 04:35:06
PJ Carroll & Co Ltd, a prominent irish tobacco company, reported accumulated profits of €40.8 million while together navigating a tax audit with the Irish Revenue commissioners. Recent financial statements reveal details about the company’s performance, staff costs, and a important payment made to address tax liabilities.
Financial Overview
In 2024, PJ Carroll & Co Ltd employed 22 people with total staff costs amounting to €1.3 million. Directors’ remuneration totaled €204,000. the company’s accumulated profits reached €40.8 million, indicating a substantial retained earnings position.
Tax Audit and Payment to Revenue
The company is currently undergoing an audit of it’s tax affairs in the Republic of Ireland. Following the year-end, PJ Carroll & Co Ltd made a payment of €1.2 million to the Irish revenue Commissioners, which is now accounted for within the financial statements as a provision related to the tax audit. Irish Revenue is the governing body responsible for the collection of taxes and duties.
Impact of Illicit Trade
The directors of PJ Carroll & Co Ltd have highlighted the significant impact of illicit and duty-free purchasing on the tobacco market. According to figures provided by the Revenue Commissioners themselves, such activity accounted for 37% of the market in 2024. This underscores the challenges faced by legitimate tobacco companies due to illegal trade practices. Revenue Commissioners Report 2023 provides further insight into the efforts to combat illicit trade.
Understanding Illicit Trade
Illicit trade in tobacco includes smuggling,counterfeiting,and the sale of duty-unpaid products. This practise undermines legitimate businesses, deprives the government of tax revenue, and can pose health risks to consumers due to unregulated product standards.
Key Takeaways
- PJ Carroll & Co Ltd reported accumulated profits of €40.8 million.
- The company is undergoing a tax audit by the Irish Revenue Commissioners.
- A payment of €1.2 million was made to Revenue post-year end to address potential tax liabilities.
- Illicit trade represents a substantial 37% of the Irish tobacco market.
Future outlook
PJ Carroll & Co Ltd will continue to cooperate with the Irish Revenue Commissioners throughout the tax audit process. The company will likely focus on strategies to mitigate the impact of illicit trade and maintain its position in the Irish tobacco market. Monitoring the evolving regulatory landscape and consumer preferences will be crucial for sustained success.
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