Dáil Éireann Debate, Thursday - 14 October 2004
52 Mr. Penrose 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); if the Revenue Commissioners have reached a determination on whether these trusts facilitated tax evasion as distinct from tax avoidance; and if he will make a statement on the matter. [24666/04]
Amharc ar fhreagraI am advised by the Revenue Commissioners that substantial progress has been made. Arising from the voluntary disclosure initiative, the Deputy will be aware that 254 individuals came forward and made voluntary disclosures. To date the programme has recovered in excess of €105 million for the Exchequer.
Inquiries by the Revenue Commissioners are now identifying the individuals who failed to make voluntary disclosures. They will be investigated by the Revenue Commissioners. It is clear from some of the disclosures and the amount collected to date that some trusts were used to facilitate tax evasion.
