Revenue gets €2.9bn from offshore probes

THE Revenue Commissioners secured a total of €2.9bn from probes into offshore arrangements used to hide undeclared income.

Chairman Niall Cody spoke to a joint Oireachtas committee about offshore tax avoidance, and revelations made under the so-called ‘Paradise Papers’.

He said that Revenue would continue to actively pursue anyone attempting to hide undeclared income or engaged in aggressive tax avoidance.

“Where tax evasion is uncovered, Revenue will apply the maximum sanctions and deterrents, including penalties, publication in the quarterly list of tax defaulters, and potentially, criminal prosecution,” he said.

“Should it emerge that any Irish-based financial institution has facilitated tax evasion, Revenue will investigate whether such institutions have failed to disclose any information to Revenue that should have been disclosed.”

The Paradise Papers revealed how business people and celebrities from all over the world had used offshore financial centres such as Malta and the Isle of Man to engage in legal tax avoidance.

Mr Cody said that Revenue’s investigation on foot of the Paradise Papers was at an “early stage”.

He added that following their publication, the Revenue Commissioners wrote to the International Consortium of Investigative Journalists (ICIJ), as well as the ‘Irish Times’. Revenue has asked for information from the leaked documents that may be relevant.

Mr Cody said the ‘Irish Times’ replied that it participated in the Paradise Papers as a member of the ICIJ, whose “long-standing policy is not to provide material directly to investigating authorities”. No response has yet been received from the ICIJ.