Irish Revenue Commission Announces Tax Windfall From Offshore Probe

by Jason Gorringe, Tax-News.com, London

17 June 2004

Irish Revenue Commissioner Frank Daly has revealed that a total of EUR650 million has so far been collected by the department as part of its recent crackdown on offshore banking.

“The success of our offshore investigations is due to a number of factors: the availability of increased powers, more international cooperation to combat evasion and money laundering, and an obvious determination on Revenue’s part to follow through on investigations,” Mr Daly commented on Tuesday following the release of the Revenue Commission’s annual report.

The Commissioner went on to explain that EUR150 million had been collected in two initial phases from Jersey trusts and accounts with an Isle of Man institution in a probe that commenced last year.

An additional EUR500 million has now been collected from people who came forward under the voluntary disclosure phase of Revenue’s wide-ranging investigation into offshore bank accounts, he added.

Despite the passing of the payment deadline on June 10, it is expected that this figure will continue rising in the weeks ahead.

However, Daly sent out a strong signal as to the Revenue’s future intent, warning:

“Those who did not come forward to make a voluntary disclosure of offshore-related evasion cannot now rest easy. Revenue will pursue them, using all available means, with the same determination that we showed in following up on bogus non-resident account holders.”

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