Joe Costello (Dublin Central, Labour)
Link to this: Individually | In context

Question 26: To ask the Minister for Finance the implications of the recent High Court decision in favour of the Revenue Commissioners, which will require Irish financial institutions to hand over the names of those customers who held accounts of offshore subsidiaries; if these names have now been handed over; the action the Revenue Commissioners is taking on the basis of the information supplied; and if he will make a statement on the matter. [18269/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context

In 2004, the Revenue Commissioners launched a campaign to identify Irish residents holding offshore accounts and a voluntary disclosure scheme was introduced to enable Irish resident holders of such accounts to declare related tax liabilities. Approximately 15,000 disclosures were received in this voluntary phase. The benefits of the voluntary disclosure scheme were that persons making a valid disclosure would pay reduced penalties, would not have their names published in Iris Oifigiúil and would not be subject to a criminal investigation by Revenue.

The Revenue Commissioners stated at the time that they would conduct a follow up investigation to identify those who did not avail of the voluntary disclosure scheme. In this context, the Revenue Commissioners obtained a High Court Order on 9 May 2005 against an Irish financial institution to identify persons holding accounts in the offshore subsidiary of that financial institution. This High Court order was the first order obtained in the follow up phase of this campaign and the order has specified that information be passed to Revenue over a defined timeframe. This timeframe has yet to elapse. When the information is received it will be analysed by Revenue and used in support of a comprehensive follow up campaign against those with outstanding liabilities who did not come forward.