The Deputy's question refers to the statement of practice recently issued by the Revenue Commissioners, entitled Underlying Tax on Funds Deposited in Bogus Non-resident Accounts. This statement sets out Revenue's approach to pursuing the payment of underlying tax in respect of bogus non-resident accounts and any other liabilities due by the account holders, together with interest and penalties.
I am advised by the Revenue Commissioners that arrangements are being put in place for the monitoring of the numbers of such account holders who comply with the terms of the statement of practice and for the measurement in due course of the revenue yield arising from payments made on foot of the statement. Holders of accounts have until 15 November 2001 to make disclosures and payments under the arrangements. Revenue is in the process of arranging a series of seminars around the country to deal with any detailed queries that may arise.