Vol. 517 No. 2
29 Mr. Higgins (Dublin West) asked the Minister for Finance if he has received representations from the Financial Service Industry Association; if so, the nature of these representations; and the nature of his response. [6202/00]
I have received correspondence from the Financial Services Industry Association regarding the look-back DIRT audit currently being undertaken by the Revenue Commissioners in relation to all financial institutions in the State. Such an audit was recommended by the report of the Public Accounts Committee on the operation of DIRT.
I am advised that representatives of the Financial Services Industry Association met with revenue on 25 February last to discuss the concerns of IFSC institutions. There has also been an exchange of correspondence confirming the continuation of certain procedures regarding documentation which were agreed with my Department and Revenue some years ago and which were referred to by the comptroller and auditor general in his report. These have particular relevance for IFSC institutions.
I am assured by revenue that deposit-taking institutions in the IFSC will be subject to audit in the same manner as other institutions. A common-sense approach will be adopted in relation to latitude in the area of documentary deficiencies. For example, it has been suggested that an otherwise properly completed non-resident declaration would be unacceptable if a London address did not also have "England" on the form. This is certainly not the case. Revenue will not be unreasonable on the question of tolerances.
Revenue have confirmed that each institution will have an opportunity to discuss the findings of the audit in its case, including the implications of all documentary deficiencies, before any conclusions are reached. This is a reasonable approach.
