Dáil Éireann Debate, Thursday - 3 March 2005
55 Mr. Perry asked the Minister for Finance if he is satisfied that penalties for non-compliance in the banking sector are adequate in view of the recent investigations of non-compliance at banks (details supplied). [7087/05]
View answerThe level of penalties to be applied in the case of certain tax evasion by the banking sector was addressed in the Finance Act 2002, following recommendations made by the Committee of Public Accounts. As a result, heavier tax-geared penalties can now be applied in circumstances where fixed penalties were previously applied. As the Deputy is aware, the Revenue Commissioners were given additional powers by my predecessor in the Finance Act 1999 to enable them to carry out on-site audits in financial institutions thereby increasing the prospect of detection and reducing the prospect of non-compliance.
I am satisfied the powers available to the Revenue Commissioners and the sanctions that may be applied in cases involving non-compliance are broadly adequate. The Law Reform Commission's recent report on a fiscal prosecutor and a revenue court and last year's report of the Revenue Powers Group both provide reassurance in this regard.
