Dáil Éireann Debate, Tuesday - 17 February 2015
212. Deputy Finian McGrath asked the Minister for Finance if he will provide an update on cases of tax evasion, in particular, those cases involving persons who had accounts in the HSBC Bank in Switzerland, and who had circumvented tax laws here by not declaring these accounts; and if he will make a statement on the matter. [6688/15]
View answer228. Deputy Michael McGrath asked the Minister for Finance if he will provide, in tabular form, the amount recovered by the offshore assets group in the Revenue Commissioners in each year since it was set up in 2001; and if he will make a statement on the matter. [7027/15]
View answer229. Deputy Michael McGrath asked the Minister for Finance if the offshore assets group in the Revenue Commissioners is conducting a special investigation into the activities of a bank (details supplied), in respect of an outstanding tax matter for its Irish resident clients; and if he will make a statement on the matter. [7028/15]
View answer230. Deputy Michael McGrath asked the Minister for Finance if any criminal prosecutions have occurred in respect of tax evasion by Irish resident clients of a bank (details supplied); and if he will make a statement on the matter. [7029/15]
View answerI propose to take Questions Nos. 212 and 228 to 230, inclusive, together.
I am advised by the Revenue Commissioners that the issue of offshore accounts held with the HSBC Bank has its origin in information on account holders in Switzerland which came into the possession of the French authorities in December 2009.
The Revenue Commissioners wrote to the relevant French fiscal authorities in March 2010, when they became aware that the French Government may have obtained information in relation to bank accounts held with HSBC Bank in Geneva. That communication expressed an interest in any such information which related to Irish residents, and requested that the French authorities exchange this information under the provisions of the Ireland/France Double Taxation Agreement and EU Mutual Assistance arrangements.
On 23 June 2010 the French authorities responded positively to this request and provided details to Revenue in relation to bank accounts, purported to be held with HSBC Bank, Geneva, that had been linked to Irish nationals or to addresses in Ireland.
To date Revenue has initiated thirty three investigations as a direct result of the data received. As a result of these investigations twenty settlement payments were made, of which four were made by legal entities. Overall, the total amount recovered to date as a result of these investigations and subsequent settlements is €4,559,371,while a further €174,442 has been received as payments on account in two ongoing investigations.
Where the relevant publication criteria were met, publication appeared three months after the end of the quarter in which a settlement was accepted.
On the basis of the data provided by the French authorities and the subsequent investigations that were conducted, Revenue also took action, in any case where sufficient admissible evidence was available, to bring a criminal prosecution in relation to any identified tax offences. To date, three persons have been convicted of such offences and fines ranging from tax €4,000 to €25,000 have been imposed by the courts. A further case remains under criminal investigation.
Revenue's Offshore Assets Group continues its work to ensure that persons who operate offshore account are pursued for any undeclared tax liability arising on both source deposits and interest and income arising therefrom. The yield from its investigations exceeds €1 billion: details of the yield for each year since 2001 are given in the following table.
|
Year |
€ million |
|
2001 |
€0.03 |
|
2002 |
€1.31 |
|
2003 |
€150.07 |
|
2004 |
€562.00 |
|
2005 |
€83.50 |
|
2006 |
€55.30 |
|
2007 |
€54.10 |
|
2008 |
€29.00 |
|
2009 |
€18.30 |
|
2010 |
€8.00 |
|
2011 |
€10.59 |
|
2012 |
€12.81 |
|
2013 |
€14.87 |
|
2014 |
€9.21 |
|
Total |
€1009.09 |
These figures reflect the total monies received by the Offshore Assets Group in the period 2001 to 2014 and include payments on account in relation to cases where settlements have not yet been finalised.
