11 Mar 2015, 17:58
Representatives from the Revenue Commissioners will appear tomorrow before Dáil Public Accounts Committee (PAC) to discuss their investigation into HSBC offshore accounts. Revenue Chairman Niall Cody and Liam Gallagher, Principal Officer, PAC Liaison Officer, will address the Committee.
11 March 2015
In March 2010, the Revenue Commissioners became aware of newspaper coverage of reports indicating that the French Authorities had come into possession of information in relation to bank accounts held with HSBC Bank, Geneva. Following a request for information relating to Irish residents, the French Authorities provided schedules of information in relation to the operation of accounts associated with addresses in Ireland.
The PAC wrote to Revenue on 12 February in relation to the investigation that Revenue carried out on these offshore HSBC accounts and received a report from Revenue on the matter on 25 February.
PAC Chairman John McGuinness TD says that the Committee will be seeking information from Revenue on the ongoing and completed investigations into the accounts. “Revenue initiated 33 investigations on suspicion of tax evasion, 27 of which are complete and six are ongoing. It appears that 19 settlements have been made so far, yielding €4,559,372 in tax, interest and penalties. Penalties were charged in 14 of the 19 settlements so we will be asking Revenue why penalties weren’t charged on the other five settlements. While conscious of the imperative for confidentiality, we will wish to assess why the average tax recovered for the 19 cases – at €239,967– appears low given the high balances in the accounts.”
Deputy McGuinness says that the PAC will wish to explore further the outcomes of the completed investigations of individuals. “According to the report received from Revenue, 20 cases involving individuals were considered for prosecution with just four selected for further investigation. PAC Members will be seeking answers on the rationale for not undertaking further investigation in the other 16 cases.”
The Committee is also concerned that, in contrast to their counterparts in other jurisdictions, the Revenue Commissioners have concluded that they could not bring a prosecution against the HSBC Private Bank, Geneva, on charges of aiding and abetting tax evasion. “The authorities in France, Belgium and Argentina have initiated prosecutions against HSBC Private Bank, Geneva so we will be asking why the Revenue Commissioners here have decided against bringing similar charges,” concludes Deputy McGuinness.
The meeting commences tomorrow Thursday 12 March at 10 am in Committee Room 1, LH 2000 and can be followed live here.
Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.
Ends
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Committee Membership
Deputies:
Áine Collins, Fine Gael
Paul J. Connaughton, Fine Gael
Joe Costello, Labour Party
John Deasy, Fine Gael
Robert Dowds, Labour Party
Seán Fleming, Fianna Fáil
Mary Lou McDonald, Sinn Féin
John McGuinness, Fianna Fáil (Chairman)
Gabrielle McFadden, Fine Gael
Derek Nolan, Labour Party
Patrick O’Donovan, Fine Gael
John Perry, Fine Gael
Shane Ross, Independent