Tax evasion investigations net €2.1bn

Special investigations carried out by the Revenue Commissioners into serious tax evasion schemes such as the Ansbacher accounts, bogus non-resident accounts and offshore asset holdings have now generated more than €2.1 billion for the State, the Dáil Public Accounts Committee heard yesterday.

Chairman of the Revenue Commissioners Frank Daly said that in the last three months alone an extra €300 million had been collected.

The investigation into bogus non-resident accounts generated the largest sum for the Revenue Commissioners at €822 million.

Mr Daly said this was made up of €225 million in deposit interest retention tax (Dirt) paid by financial institutions, €227 million under the voluntary disclosure scheme and €370 million paid by holders of these accounts as a result of the investigation.

He said the investigation into bogus non-resident accounts was now 98 per cent complete.

Mr Daly said the investigation into the NIB/CMI products had generated more than €55 million. This inquiry was now 90 per cent complete.

The investigation into individuals holding assets off-shore had produced €769.5 million, with an average payment of €51,000.

"The follow-through phase of this investigation - identifying those who did not voluntarily disclose - has started. We have obtained six High Court orders against financial institutions, and material is now flowing to Revenue on foot of some of these."

Mr Daly said the starting point of this investigation related to offshore trusts held in Jersey. He said 254 persons involved in these trusts had made voluntary disclosures, with an average payment of €414,000. The Revenue Commissioners had now identified the "40-odd" people who did not make such voluntary disclosures and they were being pursued.

The Revenue investigation into Ansbacher accounts had generated €53 million. However, Mr Daly said some parts of this inquiry were like pulling teeth, and they have had to seek High Court orders against financial institutions and third parties in relation to accounts held by a "hard core" .

The committee heard that investigations into insurance products had produced €372 million and the follow through from the various tribunals had generated €36.2 million.