Paul McGrath
Ceist:208 Mr. P. McGrath asked the Minister for Finance when it is intended to publish the Revenue Commissioners report into a bank (details supplied) and its dealings in CMI offshore accounts. [16392/03]
Written Answers. - Financial Services Regulation.
I am advised by the Revenue Commissioners that when they became aware of allegations regarding the use of an offshore investment vehicle by customers of a particular bank, they initiated an immediate investigation into the matter. They identified 452 Irish resident taxpayers who had invested funds in the offshore entity Clerical Medical Insurance and the investigation largely focused on those who had previously undeclared tax liabilities.
To date, Revenue has collected a total of €45.94 million comprising tax, interest and penalties. This is made up of €40.98 million paid in 274 settled cases and €4.96 million in payments on account in cases still under investigation. I understand that 97 cases were finalised with no additional liability arising. Investigations are proceeding in the remaining cases, 15 of which are likely to give rise to very little liability.
I understand that four cases are being dealt with in the investigations and prosecutions division and three of these are currently before the courts. One who pleaded guilty was fined in the District Court in Mullingar on 19 May 2003. The other 2 cases were referred to the Circuit Court for trial. The remaining case is under ongoing investigation with a view to prosecution.
The Minister for Enterprise, Trade and Employment appointed High Court Inspectors to inquire into issues relating to the bank, including tax related ones. When this report is published, Revenue will examine the tax related aspects and consider whether further action is required.