Irish Tax Evasion Probes Have Generated EUR1.5 Billion

by Jason Gorringe, Tax-News.com, London

30 September 2004

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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