Vol. 571 No. 1
184 Ms B. Moynihan-Cronin asked the Minister for Finance the progress which has been made by the Revenue Commissioners into their investigation of allegations that Irish resident taxpayers may have used offshore banking facilities in Jersey to facilitate tax evasion; and if he will make a statement on the matter. [20759/03]
207 Mr. O'Shea asked the Minister for Finance the progress made by the Revenue Commissioners into allegations that tax improprieties may surround trust operations in a bank (details supplied) in Jersey; if Revenue has reached a determination as to whether these trusts facilitated tax evasion as distinct from tax avoidance; and if he will make a statement on the matter. [20761/03]
I propose to take Questions Nos. 184 and 207 together.
I am advised by the Revenue Commissioners that substantial progress is being made by officers in their offshore assets group in relation to the investigation into the use of offshore facilities in Jersey by Irish resident taxpayers. To date over 250 individuals have made voluntary disclosures under the terms of the code of practice for revenue auditors and substantial amounts of outstanding tax, together with interest and penalties have been received. Further payments are anticipated.
I am advised by the Revenue Commissioners that it is clear from the inquiries conducted by them that tax evasion is involved and the Commissioners are now actively pursuing those individuals who failed to make voluntary disclosures using powers granted by the Finance Act 1999 and are seeking exchange of information from other jurisdictions.
