Vol. 564 No. 5
87 Mr. Gilmore asked the Minister for Finance the role of the overseas assets unit of the Revenue Commissioners; if there is an estimate available of the level of tax evasion on overseas assets; and if he will make a statement on the matter. [9723/03]
I am informed by the Revenue Commissioners that the role of their offshore assets group is to identity the methods and means through which tax is evaded and avoided by transferring assets abroad; to develop appropriate and effective measures to counter this evasion and avoidance; and to develop systems to identify persons who use or have used these means of evasion and avoidance.
While there are legitimate commercial and other reasons why individuals or companies hold assets offshore, it is clear also that offshore locations have been used to conceal income, profits and gains which should have been subjected to tax in this State.
Due to the different types of assets, the various worldwide locations and the secrecy which surrounds offshore activity, it is not possible to identify the total value of assets held abroad by Irish residents or the level of tax evasion on such assets.
Recent developments, both at EU and OECD level, in the fields of taxation of savings and exchange of information are designed to enhance the availability of financial information for Revenue authorities. In this context the Revenue Commissioners have initiated discussions with their counterparts in the Isle of Man, the Cayman Islands and the Channel Islands for the negotiation of tax information exchange agreements. It is expected that these developments will assist the work of Revenue's offshore assets group and impact on tax compliance generally.
