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, 1997, as substituted by the Finance Act, 1999. I am advised by the Revenue Commissioners that information supplied by the financial institutions under section 908 orders is the principal basis of identifying bogus non-resident account holders who did not avail of Revenue's voluntary disclosure scheme in 2001.
I am advised by the Revenue Commissioners that 15 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 21 financial institutions. Three other applications are pending.
Information under a number of the court orders has recently been supplied. This information is currently being processed to link the names and addresses provided to taxpayers. More such information will become available on a phased basis. In addition, work is in progress as regards those cases 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.
While it is clear that Revenue is facing a long programme of investigations the Revenue Commissioners are satisfied that significant progress is being made in this new phase of the investigations. The earlier voluntary disclosure phase resulted in receipts of €227 million or £179 million for the Exchequer, in addition to the €219 million or £173 million received under the earlier look back audits of financial institutions.
