Michael McGrath (Cork South Central, Fianna Fail)
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33. To ask the Minister for Finance if wrongdoing occurred in relation to Irish persons or companies in view of the work undertaken by the Revenue Commissioners to determine the publication of the Paradise Papers; if it has identified particular loopholes that were availed of to legally evade tax in offshore jurisdictions; the action he has taken in relation to the State supported banks that assisted persons and companies in evading tax; and if he will make a statement on the matter. [50795/17]

Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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35. To ask the Minister for Finance the actions he plans to take regarding aggressive tax avoidance by large corporations following the revelations of the Paradise Papers; and if he will make a statement on the matter. [50866/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 33 and 35 together.

I am informed by Revenue that it is examining the Paradise Papers with a view to identifying all persons and entities, including Irish registered companies, mentioned in the papers with a possible connection with the State.  As these cases are identified the information from the Paradise Papers will be compared with the information held in Revenue’s own files. All information available will then be assessed and if individuals or entities associated with Ireland are identified that may have Irish tax issues, whether it be evasion or unacceptable tax avoidance, Revenue will take whatever action is necessary to recover all taxes legally due together with all associated interest, penalties and surcharges.

Deputies will be aware that Revenue has already collected over €1 billion in tax, interest and penalties in the course of its ongoing investigations into offshore tax evasion, including tax evasion facilitated by financial institutions.

Revenue is determined that any tax evasion identified as a result of investigations arising out of the Paradise Papers will be thoroughly investigated. Where tax evasion is uncovered Revenue will seek to have the maximum sanctions applied up to and including criminal prosecutions.

To this end, I am informed by Revenue that on 20 November 2017 it wrote to the financial institutions concerned seeking disclosure of any information not already disclosed to Revenue which the institutions have relating to the opening of an account or the depositing of funds by Irish persons, including Irish registered companies, in offshore operations owned by the institutions.

Revenue will also work in close cooperation with other tax administrations, in the framework of the OECD’s Joint International Taskforce on Shared Intelligence and Cooperation, in addressing issues raised by the Paradise Papers, and will, as appropriate share information under existing legal frameworks.