Revenue Recoups 4.5 Million Euro From Offshore Account Holders

Revenue recoups 4.5 million euro from offshore account holders

Revenue has confirmed it's recovered 4.5 million euro in unpaid taxes from 20 account holders at a Swiss bank - and their investigations are still ongoing. The cases have come to light in a massive leak of data at HSBC's Swiss subsidiary from 2005 to 2007 - which appears to show that, in some cases, the bank helped clients avoid paying tax. In a statement, the bank has admitted 'individuals took advantage of bank secrecy to hold undeclared accounts'. Revenue says it's completed three successful prosecutions as a result of information it received in 2010. The Irish Independent's Shane Phelan says Revenue is still pursuing the matter. "They've so far made 20 settlements with account holders, totaling 4.5 million euros" he said. "There's two other cases which are still ongoing, where money has been put on account by those people whoa re being investigated". "It looks like there's 10 or more other investigations which are still on-going"