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

Revenue is pursuing these issues already. It has carried out an analysis of the ICIG offshore leaks database to identify all cases with an association with Ireland. A total of 261 individuals, 245 addresses and 51 intermediaries have been identified. The individuals, companies and intermediaries identified are being profiled using internal systems and open sources and all appropriate inquiries will be made.

Revenue is participating in two JITSIC sub-groups, the first dealing with non-financial intermediaries; and the second in relation to the exchange of information on engagement. The aim of this network is to agree concrete actions the tax administrations can take in response to the ICIG information and leading to a multilateral and co-ordinated approach to the data.

When Revenue committed to pursue these issues, it was allocated an extra €5 million in the budget, as colleagues will recall. Members will remember that on budget day Revenue was allocated an extra €5 million so that it is adequately resourced to pursue the Panama Papers and other untoward tax evasion problems that emerge.

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