Catherine Murphy (Kildare North, Independent)
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Question 17: To ask the Minister for Finance his plans to negotiate an agreement with the Swiss Government along the same lines as the one reached between the Swiss and UK Governments in August 2011 concerning the tax arrangements of UK subjects with Swiss bank accounts; and if he will make a statement on the matter. [25184/11]

Michael Noonan (Limerick City, Fine Gael)
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I am not privy to the full details of the agreement to which the Deputy has referred and accordingly it would be inappropriate for me to comment on it. Initial reports would suggest that any such agreement may provide for a one-off deduction from funds on deposit to settle past liabilities and a withholding tax from 2013 in place of the actual liability due in respect of investment income and capital gains. We have no plans at present to pursue a similar approach with the Swiss Authorities; however, we will keep the matter under review when the full details of the final ratified agreement are published.

The Deputy may be aware that the Office of the Revenue Commissioners obtained High Court orders in December 2009 requiring clearing banks in the State to provide information to Revenue on details of transfers to and from the State involving a number of offshore jurisdictions including Switzerland. The orders cover the 12 years to 31 December 2008 and include electronic transfers as well as cheques and drafts either drawn in the State and sent offshore or drawn offshore and sent to the State.