I propose to take Questions Nos. 79 to 81, inclusive, together.
I am advised by the Revenue Commissioners that, in March 2010, they became aware of newspaper reports that the French authorities had come into possession of information in relation to bank accounts held with HSBC Bank, Geneva. Revenue wrote to the French authorities enquiring as to whether the data obtained by them contained information in relation to Irish residents and whether the French authorities would consider disclosing this information to Revenue. The French authorities responded positively to that request and made a disclosure to Revenue on 23 June 2010.
The information received was evaluated carefully by Revenue and it was found that, for a variety of reasons, there was no basis for pursuing an investigation in many of the cases. These included non-Irish addresses on certain of the accounts, persons associated with accounts not being resident or domiciled in the State, Revenue establishing that, by reason of prior disclosure, there was no liability, and, in the case of the corporate entities, that they were Irish registered but non-resident for taxation purposes. The vast majority of the funds linked to Ireland in the HSBC data is related to the Funds industry. More than 98% of the total related to the Global Funds sector.
Following this evaluation, Revenue initiated thirty three investigations. In eight of the investigations it was determined that there were no additional tax liabilities. Nineteen investigations resulted in settlement payments of €4,559,371. In addition, a further amount of €172,442 has been received, as payment on account, in relation to two appeals against tax assessments entered as a result of investigations into the account holders. Six investigations are ongoing.
In addition to pursuing taxes owed, the Revenue Commissioners have also sought to have criminal proceedings brought in any cases where the information provided by the French authorities and their own subsequent investigations suggested that there was sufficient evidence to prosecute in respect of identified tax offences. Three prosecutions have been secured, resulting in the imposition of fines ranging from €4,000 to €25,000, and a further case remains under investigation. On the question of possible further prosecutions, it is not open to the Revenue Commissioners to comment as to whether any individual or corporate entity is under investigation with a view to prosecution.
I am advised also that a detailed report on the overall investigation has been submitted to the Public Accounts Committee by the Revenue Commissioners.
On the question of disclosure of the names of account holders, the Deputy will appreciate that the Revenue Commissioners have, under section 851A of the Taxes Consolidation Act 1997, a duty of confidentiality in respect of taxpayer information, and that they may disclose such information only where expressly authorised by law to do so. To date, nine of the settlement payments made to Revenue have satisfied the statutory criteria for publication and details have been published in Revenue s defaulters list.
