Vol. 542 No. 6
152 Mr. McDowell asked the Minister for Finance the number of persons who have contacted the Revenue Commissioners wishing to take advantage of the arrangements for payment of back taxes by bogus non-resident account holders; the number of settlements which have been made with the Revenue Commissioners; the total amounts paid in settlement; and if he will make a statement on the matter. [25561/01]
I am advised by the Revenue Commissioners that there is an ongoing high level of inquiry and contact with them about the arrangements. The Deputy will be aware that the Commissioners indicated publicly last week that with a month still to go to the deadline, amounts actually paid to them under the arrangements total over £10 million – 12.8 million – in respect of some 300 cases. The Commissioners have stated that previous experience of deadlines suggests that most of those availing of the benefits, offered until 15 November, will wait until that deadline arrives to pay up. Revenue's media campaign and comments last week were designed to remind people that, even if they do not pay until the deadline, they have work to do in advance if they are not to miss out.
For those who pay up by 15 November, Revenue have publicised the very real benefits in terms of anonymity, interest and penalties capped at 100% of the tax due together with no investigation for prosecution. Revenue have also warned those thinking of "lying low" that it will be using its strong new powers which require banks and building societies to provide information about all bogus non resident account holders. Banks and building societies have advertised that they will be co-operating fully with the use of those powers.
Revenue have stressed that each identified bogus non resident account holder who has not paid up by the deadline will be individually investigated – no matter how long it takes; and that they will be exposed publicly as tax evaders and made to pay much more in interest and penalties than they would pay now. Some will be investigated for criminal prosecution.
