Authorised Revenue officers are empowered to make an application to a judge of the High Court seeking an order requiring financial institutions to supply names, addresses and other relevant information concerning account holders who may have held bogus non-resident deposit accounts. Such applications are made under section 908 of the Taxes Consolidation Act, as provided for by the Finance Act, 1999. I am advised by the Revenue Commissioners that information supplied by the financial institutions under section 908 orders will be the principal basis of identifying bogus non-resident account holders who did not avail of the voluntary disclosure scheme in 2001.
Eight applications for orders under section 908 have been made and have been granted. When one includes institutions which have been taken over or amalgamated with other institutions, these orders seek information in respect of accounts in 11 financial institutions. One other application is pending. I am advised by the commissioners that work is currently progressing in relation to other financial institutions and that further applications to the High Court will be made shortly.
Work has already commenced as regards taxpayers who held bogus non-resident accounts which were detected in the course of the DIRT look-back audits of financial institutions in 1999 and 2000 and did not avail of the voluntary disclosure scheme in 2001. Revenue expect that information under court orders will become available on a phased basis commencing shortly.
While it is clear that Revenue is facing a long programme of investigations over a number of years, the Revenue Commissioners are satisfied that significant progress is being made in this new phase of the investigations. Deputies will recall that the earlier voluntary disclosure phase resulted in receipts of £179 million, or €227 million, for the Exchequer.
