Dáil Éireann Debate, Wednesday - 28 April 2010
89 Deputy Joan Burton asked the Minister for Finance the progress made to date by the Revenue Commissioners in its investigation into offshore assets and foreign-held bank accounts; and if he will make a statement on the matter. [17229/10]
View answerSince 2004 the Revenue Commissioners have been conducting a comprehensive investigation into the use of offshore accounts by Irish residents as a means to evade tax. Prior to the commencement of the investigation, Revenue launched a voluntary disclosure initiative which resulted in €650m being collected from over 14,000 taxpayers. Subsequent to the voluntary disclosure initiative, Revenue sought and were granted Orders by the High Court which required financial institutions in the State to advise Revenue concerning money transfers to and from this State involving their offshore affiliates. As a result of these Orders, Revenue identified persons who failed to avail of the voluntary disclosure initiative and further significant liabilities were recovered. I am advised that in December 2009 a further series of Orders were made by the High Court which extends the scope of the investigation both to other territories and other offshore financial institutions.
To date, in total some €956m has been recovered by the investigation and the additional moneys collected arose from taxpayers identified from the High Court Orders and uplifts from the examination of the voluntary disclosures received.
