Joan Burton (Dublin West, Labour)

Does the Minister agree this Revenue investigation is likely to yield at least another €1 billion, probably €1.5 billion, in unpaid taxes and penalties as a consequence of people investing untaxed or undeclared money in insurance-based products?

The Minister stated that a voluntary disclosure scheme is to be set up. Does he agree that for some of these people this will be the fourth opportunity they have been given by the State to come clean. We have had two tax amnesties and an investigation into non-resident deposits. Now they are being given another chance. What are compliant taxpayers to make of this?

The Minister referred to the financial institutions co-operating. What exactly does that mean? Most small business people did not wake up one morning and decide to buy a single premium insurance product. It had to be sold very aggressively to them with its consequent tax advantages. Is the Revenue likely to take action against financial institutions which may have been selling products conscious that those products offered tax evasion opportunities to certain individuals who were not tax-compliant?

See this speech in context