Terence Flanagan (Dublin North East, Fine Gael)
Link to this: Individually | In context

Question 59: To ask the Minister for Finance if tax loopholes used by senior executives will be closed off as in the case of a person (details supplied); and if he will make a statement on the matter. [22909/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

The Deputy will appreciate that the Revenue Commissioners cannot comment on any particular individual's tax affairs. However, I understand that the details supplied in connection with the Deputy's question, which appears to be based on a newspaper report of 25 February 2011, may not have taken account of a subsequent report concerning the same matter that was published on the following day by that same newspaper.

The High Wealth Individuals and Professionals Business Unit of the Revenue Commissioners initiated enquiries into approximately 300 directors and executive/management level employees in the six main financial institutions. Enquiries have been closed in approximately 291 of these cases and are ongoing in the balance. To date, €1.3 million in tax has been collected as a result of these enquiries.

The Deputy can be assured that where the Revenue Commissioners identify any artificial tax avoidance arrangements that may not be open to challenge within existing law, they will recommend appropriate legislative amendments to my Department and I will have no hesitation in closing off such loopholes to protect the Exchequer.