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Revenue Disclosures.

Dáil Éireann Debate, Thursday - 3 March 2005

Thursday, 3 March 2005

Ceisteanna (28, 29)

Liz McManus

Ceist:

26 Ms McManus asked the Minister for Finance the progress made by the Revenue Commissioners into allegations that tax improprieties may surround trust operations in a bank in Jersey (details supplied); if the Revenue has reached a determination regarding whether these trusts facilitated tax evasion as distinct from tax avoidance; and if he will make a statement on the matter. [7185/05]

Amharc ar fhreagra

Freagraí scríofa

I am advised by the Revenue Commissioners that substantial progress has been made in relation to this inquiry. Arising from a voluntary disclosure programme 254 individuals came forward and made voluntary disclosures. To date this programme has recovered in excess of €105 million for the Exchequer.

The Revenue Commissioners indicated previously that those individuals who fail to make disclosures under the voluntary phase of projects will be pursued with all means available. They advise me that through their investigations and inquiries they have now identified individuals who did not come forward during the voluntary phase of this particular project and are now actively pursuing them in relation to breaches of the tax code.

It is clear from some of the disclosures and the amount collected to date that in some instances taxpayers used trusts to facilitate tax evasion.

Breeda Moynihan-Cronin

Ceist:

27 Ms B. Moynihan-Cronin asked the Minister for Finance the number of High Court orders sought to date by the Revenue Commissioners under the Finance Act 1999 to require financial institutions to supply names, addresses and other relevant information regarding holders of bogus accounts at the latest date for which figures are available; the number of cases in which orders have been granted; the general progress made to date in identifying the holders of such accounts who did not avail of the recent voluntary disclosure scheme; and if he will make a statement on the matter. [7188/05]

Amharc ar fhreagra

Authorised Revenue officers are empowered to make an application to a judge of the High Court seeking an order requiring financial institutions to supply names, addresses and other relevant information concerning account holders who may have held bogus non-resident deposit accounts. Such applications are made under section 908 of the Taxes Consolidation Act 1997, as amended by the Finance Act 1999. Information supplied by the financial institutions under section 908 orders is the principal basis for identifying bogus non-resident account holders who did not avail of the voluntary disclosure scheme in 2001. This inquiry work commenced on 16 November 2001.

I am advised by the Revenue Commissioners that 18 applications for orders under section 908 have been made and granted. When one includes institutions, which have been taken over or amalgamated with other institutions, these orders seek information in respect of accounts in 26 financial institutions. No further applications for such orders are pending in regard to the bogus non-resident account inquiries.

A large volume of information has been reported to Revenue under the High Court orders. Inquiry work in relation to the examination of the first batch of taxpayers commenced on 11 October 2002. Further general issues of inquiry letters were made in January, May, July, September, October 2003 and January 2004. These general inquiry letter issues relate to 91,000 non-resident accounts that had Irish addresses connected to them. A total of 177,000 inquiry letters have been issued to taxpayers in respect of these non-resident accounts. The final general inquiry letter issue took place in January 2004.

The Revenue Commissioners have informed me that they are satisfied that very significant progress has been made in this the final phase of the investigation. Since 15 November 2001, payments of €342 million have been made to Revenue by taxpayers who held bogus non-resident accounts.

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