Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Amendment No. 113 seeks that a report be prepared and laid before the House within one month of the passing of the Finance Bill into law on the use of offshore accounts to avoid tax. The release of the so-called Panama papers earlier this year showed how defaulters use offshore structures and accounts to avoid paying tax. International developments and agreements are leading to the better sharing of information. To maximise the use of this information, I have brought forward amendments in section 55 of the Bill to the penalty mitigation regime currently available to tax defaulters who make a qualifying disclosure to Revenue, which will ensure that defaulters who have used offshore accounts or assets in their evasion will find themselves in a very difficult position if they do not come forward quickly to regularise their affairs with Revenue. We have just discussed the question of the 1 May date as against the 1 January date, so the House is familiar with the considerations in this regard.

While I could ask my officials to prepare a report as suggested, I am not sure it would add much additional value. In recent weeks the Deputy asked a parliamentary question about the status of my Department's work with the Revenue Commissioners in tackling the tax evasion uncovered in the Panama papers. I do not propose to repeat the entire reply, which is, of course, now in the public domain, but, in summary, I was advised by Revenue that it has been to the forefront in acting against the use of offshore accounts, trusts and structures to evade tax liabilities. All told, Revenue's work in regard to all offshore accounts and other financial product investigations has, to date, resulted in the recovery of €2.8 billion in tax, interest and penalties. In line with its active approach to identifying and confronting those who try to escape their tax responsibilities, Revenue has also advised me that it is examining the information that has become available through the Panama papers revelations, and, in addition, that it has requested access to any elements of that documentation that could be of relevance to its work against tax evasion and avoidance.

Similarly, the Deputy will recall the recent appearance by the Chairman of the Revenue Commissioners before the Committee of Public Accounts. He noted that certain elements of the papers had been placed on the International Consortium of Investigative Journalists' website and that Revenue was analysing named Irish persons and entities. He also noted that Revenue is involved in the Joint International Taskforce on Shared Intelligence and Collaboration, JITSIC. Therefore, any information that Revenue had has been put in the public domain in one way or another in recent times. People who had offshore accounts are being given the opportunity to face up to their malpractice between now and 1 May. If Revenue believes that, through international agreements, it is going to get new streams of information in September 2017, it will be some time in the fall of next year that Revenue will be in a position to provide the kind of report the Deputy has in mind.

I ask the Deputy not to press the amendment. We will return to it when people voluntarily come forward to Revenue arising from the Panama papers between now and 1 May and, later, when what Revenue describes as new streams of information come through the new international agreements that Revenue has entered into. I do not think anything additional will come forward from a report within a month.

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