Vol. 576 No. 6
30 Mr. O'Shea asked the Minister for Finance the progress made by the Revenue Commissioners into allegations that tax improprieties may surround trust operations in a bank (details supplied) in Jersey; if the Revenue Commissioners have reached any 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. [30095/03]
I am informed by the Revenue Commissioners that substantial progress has been made in relation to this inquiry. I understand that 254 individuals came forward and made voluntary disclosures and that, to date, payments totalling in excess of €102 million have been received. Revenue now intend to pursue vigorously those individuals who failed to come forward, using all powers available to them. 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 the offshore trusts were used to facilitate tax evasion.
