Dáil Éireann Debate, Thursday - 5 March 2015
80. Deputy Thomas P. Broughan asked the Minister for Finance his views on the HSBC Swiss leaks scandal; and if he will make a complaint to the Garda Bureau of Fraud Investigation on the matter; and if he will make a statement on the matter. [9665/15]
View answerTax evasion is a matter of serious concern because it deprives the State of revenues required to provide essential services and facilities for all of our citizens. I am advised by the Revenue Commissioners that confronting evasion in all its guises, including the use of offshore accounts for that purpose, is a priority for them. They draw on all available sources of information and intelligence, and cooperate closely with the relevant authorities in other jurisdictions, to identify and pursue those who seek to evade their tax responsibilities in this way. Their aims are to secure payment of monies owed and, where there is sufficient evidence of specific tax offences, to seek to have prosecutions brought.
As the Deputy will be aware from my reply to his Questions Nos. 79 to 81, inclusive, of 25 February 2015, investigations by the Revenue Commissioners relating to HSBC Bank, Geneva have resulted in settlement payments of €4,559,371, and a further €172,442 has been received as payment on account. Three convictions have been secured, resulting in the imposition of fines ranging from €4,000 to €25,000, and a further case remains under investigation. It is not open to the Revenue Commissioners to comment on whether any individual or corporate entity is under investigation by them with a view to prosecution, or as to engagement with other authorities on prosecution related matters.
I am advised that a detailed report on the overall investigation into matters relating to HSBC Bank, Geneva has been submitted to the Public Accounts Committee by the Revenue Commissioners.
Revenue has a considerable track record in tackling serious tax evasion through the use of offshore accounts and other mechanisms to hide taxable income. Since 1998, Revenue has conducted a series of special investigations which yielded in excess of €2.7 billion in tax, interest and penalties. Revenue's approach has been adopted as best practice by the OECD and has been followed by other tax administrations. Considerable measures are now underway at OECD and EU level to improve the exchange of information between Revenue administrations to further limit the opportunity to avail of bank secrecy to facilitate tax evasion.
I want to commend Revenue on the pro-active role it has taken in relation to the tackling of tax evasion through the abuse of offshore accounts.
