Irish Tax Evasion Probes Yield EUR2.1 Billion
Chairman of the Irish Revenue Commissioners, Frank Daly, told a parliamentary
committee last week that special investigations into serious tax evasion, such
as Ansbacher accounts, bogus non-resident accounts and offshore holdings, have
yielded additional tax revenues in excess of EUR2.1 billion.
Mr Daly told the Dail Public Accounts Committee on Thursday that the efforts
of the Revenue Commission's Investigation and Prosecutions Division over the
last two years are now "bearing fruit" with the running total collected
from bogus non-resident accounts making up the largest portion of these additional
revenues, at EUR822 million. Of this total, EUR225 million was deposit interest retention tax (Dirt) payments
from financial institutions, EUR227 million was from voluntary disclosures, and
EUR370 million was paid as a result of investigations. Mr Daly informed the committee
that this investigation is now 98% complete. Meanwhile, the Revenue's Offshore Assets Investigation has brought in additional
revenues of EUR769.5 million, and Mr Daly revealed that the "follow through
phase" of the investigation, which will attempt to identify those who have
not disclosed outstanding tax liabilities voluntarily, has now begun. The Commissioner
added that the Revenue has obtained six High Court orders against financial
institutions, and the department expects to have sought orders against all suspected
institutions by the end of the year. "All these orders will provide us with further information into the identity
of Irish residents holding offshore accounts," stated Mr Daly. One of the starting points of the offshore investigation related to trusts
based in Jersey, and Mr Daly told committee members that 254 individuals have
since come forward to make voluntary investigations relating to Jersey trusts.
"We have now identified those who did not and they are being pursued as
we speak," he added. The Insurance Products investigation stands at EUR372 million after the initial
Voluntary Disclosure phase. Daly stated that the follow-up phase of this investigation
has now commenced, and Revenue officers will visit Insurance Companies to access
their records using powers conferred on them under the Finance Act, 2005. .
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