asked the Minister for Finance whether there are any means by which Saorstát citizens can be prevented from putting funds on deposit outside An Saorstát for the purpose of escaping income tax on such deposits, in view of the fact that the Revenue Commissioners are empowered to procure all information with regard to funds on deposit in banks in An Saorstát.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - DEPOSITS OUTSIDE SAORSTAT.
The answer is in the negative. There is no power vested in the Revenue Commissioners which would enable them to compel a bank, whether within Saorstát Eireann or without it, to furnish information with regard to funds on deposit. The Income Tax Acts require that a person to whom deposit interest is paid, or credited by a bank, or by any other person, shall include such interest in his return of income. Any failure to include such interest in his return renders the declarant liable to heavy penalties for fraud.