The State's two biggest banks, AIB and Bank of Ireland, will hand over details to the Revenue Commissioners shortly of customers suspected of holding bogus non-resident accounts who still haven't regularised their tax affairs.
The Revenue was granted an order in the High Court on Monday to seek customer information from the banks. Further applications will be made as the Revenue continues to pursue individuals who concealed money in bogus non-resident accounts in the 1980s and 1990s.
Addressing the Dβil Committee of Public Accounts yesterday, Revenue chairman Mr Dermot Quigley said the amount collected in the recent voluntary disclosure scheme had now risen to £179 million (€227 million), some £3 million higher than the original estimate.
The number of bogus non-resident accounts was also higher than expected at 8,500 compared with the 6,500 estimated by the Revenue. This suggests most individuals who availed of the voluntary disclosure scheme held two bogus accounts. Under the scheme, interest and penalties were capped at 100 per cent of the tax due.
The single biggest payment to the Revenue was for £6 million by one individual, according to Mr Quigley. He told the committee that 16 individuals paid more than £1 million. Some 43 account holders paid between £500,000 and £1 million.
The largest amounts of unpaid tax were collected from individuals in Cork, Kerry, Dublin, Donegal and Mayo. Cork had the highest number of declarations at 536.
Some 426 individuals from Kerry paid taxes due on these accounts, 402 in Dublin, 325 in Donegal and 241 in Mayo.
Mr Quigley told the committee there were clear indications that many of the bigger cases had now come forward.
The Revenue is now focusing on the second phase of its pursuit of these tax evaders. The financial institutions have already indicated they will co-operate with the Revenue in identifying suspected account holders with information expected to be handed over as part of the continuing investigation.
Mr Quigley stressed it would continue to pursue identified account holders for full tax, interest and penalties.
Details of these settlements would be published and prosecutions would be taken where there was sufficient evidence, he said.
