Vol. 525 No. 1
62 Mr. Rabbitte asked the Minister for Finance the progress made to date by the Revenue Commissioners in regard to the recovery of outstanding DIRT liabilities identified in the report of the DIRT sub-committee of the public accounts committee, both in regard to the financial institutions and individual account holders; and if he will make a statement on the matter. [23463/00]
I am advised by the Revenue Commissioners that DIRT returns of 37 institutions for the 13 tax years from 1986-87 to 1998-99 have been audited using the powers made available by the 1999 Finance Act. The Deputy will be aware that a number of the financial institutions concerned have announced payments of tax, interest and penalties arising out of the look-back audits which have been undertaken by Revenue auditors.
Section 904B of the Taxes Consolidation Act, 1997, inserted by Section 68 of the Finance Act 2000, requires the Revenue Commissioners, before 1 November 2000, to make a report to the Committee of Public Accounts on the results of the look-back audits of financial institutions recommended by the Public Accounts Committee in its first report on the DIRT inquiry. I am advised by the Revenue Commissioners that the required report is being finalised at present and will be made to the Public Accounts Committee before the end of this month.
As regards tax on undisclosed income for which individual account holders may be liable, the Commissioners' priority to date has been to complete the work arising from the look-back audits of the DIRT liabilities of the financial institutions. The Commissioners have indicated that, following completion of these audits, the question of "underlying" tax on bogus non-resident accounts will then be pursued.
