Irish Tax Evasion Probes Have Generated EUR1.5 Billion
According to the annual report compiled by Ireland's Comptroller and Auditor
General, John Purcell, the various probes conducted by the government into tax
evasion in the Republic have so far yielded around EUR1.56 billion in additional
revenue. The annual report for 2003, published on Tuesday, revealed that a follow-up
investigation into a Deposit Interest Retention Tax (DIRT) scheme operating
at an unnamed financial institution had yielded a further EUR3.2 million in
DIRT, interest, and penalties, whilst the 2001 Voluntary Disclose and Pay Scheme
had collected around EUR232 million at the end of the period under examination. It went on to add that the inquiry letters sent to offshore account holders
have brought the Exchequer an extra EUR305 million, and the cases against Ansbacher
account holders have resulted in additional payments totalling around EUR43 million
thus far. Mr Purcell revealed in his report that the Revenue Commission now plans to
seek High Court orders to identify the remaining Irish residents with offshore
assets who are not tax compliant. He additionally noted that as of March 31 2004, EUR1.36 billion in tax payments
was outstanding, and revealed that he expects 80% of this sum to be collected. .
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