P J Sheehan (Cork South West, Fine Gael)
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Question 168: To ask the Minister for Finance if the Revenue Commissioners will give an estimate of additional taxes collected, for the relevant years concerned on a year by year basis, which accrued to the Exchequer following the Committee of Public Accounts deposit interest retention tax inquiry and report; and if he will make a statement on the matter. [42152/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am informed by the Revenue Commissioners that the relevant information available relates to the additional yield of Deposit Interest Retention Tax which resulted from the look-back audits of financial institutions by the Commissioners, and the additional yield from income and other taxes arising from their follow-up investigations of bogus non-resident deposit accounts. The yield to the Exchequer from these projects in each year from 1999 onwards is set out in the table. For completeness the yield for the 10 months to the end of October 2008 is also included.

It is not possible to estimate the precise impact of these enquiries on the subsequent yield from other specific enquiries, or general tax revenue. The information gathered in addressing the DIRT and bogus non-resident issues provided helpful evidence and the basis of a suitable approach to take in pursuit of individuals who used offshore assets and insurance policies as a means of concealing tax liability. In addition, these activities provided a clear purpose for extending Revenue's investigative powers so as to facilitate the best general approach to be taken in the pursuit and investigation of tax default generally.