Michael McGrath (Cork South Central, Fianna Fail)
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226. To ask the Minister for Finance further to Parliamentary Question No. 71 of 16 January 2014, if he will provide an update on the status of the tax audit concerned; and if he will make a statement on the matter. [30361/15]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware the terms of reference of the proposed Commission of Investigation in relation to IBRC include the following explicit term of reference (1b) dealing with issues of public concern:

The Commission shall investigate all transactions, activities and management decisions, other than those relating solely to the acquisition of assets by NAMA which occurred during the relevant period and which "are specifically identified by the Commission as giving rise or likely to give rise to potential public concern, in respect of the ultimate returns to the taxpayer"

Both Houses of the Oireachtas have approved the terms of reference. It is important that I do not interfere with or prejudice the important work to be conducted by the Commission of Investigation. In those circumstances I have received legal advice that it would be inappropriate for me to comment publicly in relation to certain matters which fall under the scope of the Commission of Investigation.