Oireachtas Joint and Select Committees

Thursday, 13 October 2016

Public Accounts Committee

2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9 - Office of the Revenue Commissioners
Chapter 12 - Tackling Fuel Laundering
Chapter 15 - Taxpayer Compliance
2015 Revenue Accounts

9:00 am

Mr. Niall Cody:

-----as just €194 million. That is the context. In terms of the overall counterfeit, some of our role on the counterfeit side is limited to Customs controls. We also have a role on behalf of what used to be called the Irish Medicines Board. It has a new name now but I cannot recall it. We conduct exercises in the mail centres for medication.

When the Deputy asked me the question, she had the list but the Foreign Account Tax Compliance Act, FATCA, was the one question we skipped over, and I was hoping we would get back to it. I touched upon it with regard to what is in the offshore proposal. The FATCA is the first of a suite of measures to do with international exchange of financial information between countries. The US brought in the FATCA in 2012, and we were one of the first countries to sign an agreement with the US to exchange information. We send the IRS information on US citizens with financial information we receive from Irish financial institutions.

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