Brian Cowen (Laois-Offaly, Fianna Fail)

In the Finance Act 2005 we widened the Revenue powers regarding aiding and abetting offences which seeks to deal with the situation the Deputy has outlined should there be a requirement to do so. Rather than the assertions made by the Deputy, should evidence be found to that effect, the Revenue Commissioners now have powers which they previously lacked to deal with those matters. The Government has proactively made decisions on the matter. The Revenue Commissioners advise me that authorised Revenue officers are empowered to make an application to a judge of the High Court seeking an order requiring insurance companies to supply names, addresses and other relevant information concerning policy holders who used life assurance products to hide funds that should have been disclosed for tax purposes. If the funds were related to taxable income that should have been disclosed, the individual taxpayer was responsible for the disclosure and it is an offence under our tax law not to disclose. It has come to Revenue's attention that there is sufficient de facto evidence to suggest that these products were used to evade tax. I also emphasise the need for people to avail of the voluntary disclosure scheme. This was introduced by Revenue to enable those who voluntarily disclose their position to avoid an imposition of penalties and interest in addition to whatever liability may be due. As I have already stated, the focus of the Revenue Commissioner's investigation is on individuals who used insurance products to evade tax. There is no evidence that insurance companies engaged in tax evasion.

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