Revenue Commission Steps Up Pressure On Banks In Offshore Tax Probe

by Jason Gorringe, Tax-News.com, London

26 July 2004

According to national media reports, the Irish Revenue Commission is seeking a change in the law to enable it to pursue banks and other financial advisors for helping investors to evade taxes.

The revelation emerged following a meeting of the Dail’s Public Accounts Committee yesterday in which Revenue Commission chairman Frank Daly reportedly said he “would love" to see charges and convictions for the facilitation of tax evasion.

The Revenue Commission’s recent investigation into offshore accounts continues to yield substantial amounts of revenue, Daly revealed at last week’s meeting, with recovered tax now standing at a total of €1.5 billion, up €500 million since March 2004.

Some 14,000 individuals have made voluntary disclosures since the commencement of the crackdown on offshore trusts and accounts held with the ten largest banks. However, since the Revenue initially wrote to 100,000 account holders at the start of the campaign, it claims that 80,000 people have yet to come forward. However, it is thought that in reality the number will be much lower.

Nevertheless, Mr Daly intends to keep up his pursuit, telling the committee that he will be seeking High Court orders compelling banks to “identify the individuals who failed to make a voluntary disclosure”.

The banks with the most offshore account and trust holders are likely to be the first in the firing line.

Recommended