Offshore tax evaders yield almost €1bn to Revenue

THE bogus and non-resident accounts scandal scaled new heights yesterday as it was revealed that Revenue will soon have recovered €1 billion from tax evaders and that two further banks are the subject of fresh investigations.

In another highly significant development, Revenue chairman Frank Daly yesterday promised that banks and accountants who aid and abet tax evaders will themselves be stringently punished in future. To date just one accountant has been prosecuted in connection with aiding tax evasion.

Mr Daly revealed that the latest Revenue investigation into bogus non-resident accounts, this time involving customers of Bank of Ireland’s Jersey subsidiary, had already netted €111m. The latest tranche brings the Revenue’s total take from its tax probes in this area to €892m.