New measures published in the Irish government’s Finance Bill will help the Revenue Commission collect an estimated EUR1 billion in outstanding tax from insurance-based investments.
The outstanding tax relates to some EUR30 billion worth of single premium insurance products sold between 1988 and 2001, the Public Accounts Committee was informed last year, and the authorities believe the schemes were used as a mechanism for avoiding tax.
The investigation will be similar in form to the recent probe into offshore bank accounts, and tax officials will be given the right to access the accounts and telephone records of suspects, in addition to new powers to question individuals in police custody.
The Revenue is also to acquire new powers requiring the automatic reporting of interest and income on certain transactions, and of payments made by Government Departments to companies or individuals. In addition, it will have wider latitude to prosecute those who aid and abet tax evasion.
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