Joan Burton (Dublin West, Labour) | Oireachtas source

I move amendment No. 113:

In page 105, between lines 11 and 12, to insert the following:

“Report on Panama Papers

57.The Minister shall within one month of the passing of this Act prepare and lay before Dáil Éireann a report on the use of offshore accounts to avoid tax, with particular reference to analyses carried out by members of the International Consortium of Investigative Journalists into the documents known as the Panama Papers, which demonstrate how wealthy individuals and public officials can use offshore shell corporations for illegal purposes including fraud, tax evasion and evading international sanctions."

The purpose of the amendment is to have the Revenue Commissioners and the Department of Finance prepare a report in regard to the publication of the Panama papers and their impact in Ireland in terms of information about people who are using offshore vehicles and shell companies to avoid tax and arrange their affairs so as to facilitate fraud, tax evasion and the evading of international sanctions. The publication of the Panama papers by the International Consortium of Investigative Journalists has been a very significant event in regard to highlighting the extent to which very wealthy people - families, individuals and groups - can make arrangements through various tax havens throughout the world to hide assets offshore from their home county, including Ireland.

We have had no information from the Revenue Commissioners about the extent to which they have sought to find details in regard to Irish tax residents, Irish citizens and people associated with Irish companies who may be availing of the arrangements highlighted by the Panama papers. We know that other countries have done this, including Germany, which is often used as a country of reference by this country in regard to having a tax system which is fair and understandable to people in that country. On a number of occasions, the Revenue Commissioners have expressed their desire to pursue individuals who have been using offshore tax havens, notwithstanding the fact they are liable to tax in this country.

It is very important that the message again goes out to compliant taxpayers, particularly people on middle and low incomes who are meeting all of their obligations in accordance with the law, that we will cease to tolerate in this country people who engage in offshore tax avoidance and evasion, thereby reducing the funding for critical services ranging from education and health to social services. I believe it would be important for citizens to have available to them such a report. As I said, I know from previous statements made on a number of occasions by the Revenue Commissioners that they are anxious to deal with the kind of tax evasion disclosed by the Panama papers. This is something every western European country, including Ireland, needs to be worried about and needs to address. I recommend the amendment to the House.

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