Vol. 573 No. 5
39 Ms Lynch asked the Minister for Finance the progress made by the Revenue Commissioners into allegations that tax improprieties may surround trust operations in a bank in Jersey (details supplied); if the Revenue Commissioners have reached a determination as to whether or not these trusts facilitated tax evasion as distinct from tax avoidance; and if he will make a statement on the matter. [25775/03]
I am informed by the Revenue Commissioners that substantial progress has been made in relation to this inquiry. Arising from Revenue's inquiries, 254 individuals came forward and made voluntary disclosures and to date payments totalling in excess of €100 million have been collected. Revenue now intends to pursue vigorously those individuals who failed to come forward, using all the powers available to it. Criminal prosecution will be considered in these cases subject to obtaining the relevant evidence. It is clear from some of the disclosures to date that that offshore trusts were used to facilitate tax evasion.
