Collins and his tax affairs: key dates
The Limerick TD put himself up for re-election while the Revenue was offering a non-disclosure deal for people who came forward about their bogus non-resident accounts. The following are some key dates:
August to October 1999: A sub-committee of the Dáil Committee of Public Accounts holds televised hearings into DIRT, the banks and bogus non-resident accounts.
December 1999: DIRT report is published.
During 2000: Most banks in the State make settlements with the Revenue arising from DIRT owed on bogus non-resident accounts. The total is 220 million.
May 2001: The Revenue announces a deal whereby holders of bogus non-resident accounts have six months to regularise their affairs. In return for coming forward, the amount of interest and penalties applied will be capped at 100 per cent of the tax liability, and people will not be prosecuted and will not have their names published. The then Revenue chairman, Mr Dermot Quigley says: "This is not a bluff. After November 15th, all bets are off."
November 2001: Approximately 3,500 holders of bogus non-resident accounts come forward to avail of the Revenue scheme. As the deadline passes, the Revenue approaches the High Court to begin seeking orders compelling the financial institutions to release data on non-resident accounts they believe to be bogus.
March 2002: The banks begin the process of handing over information as ordered by the High Court. The amount of information is huge and the lists of accounts the banks believe may be bogus are handed over in tranches. The process is ongoing.
May 2002: Mr Michael Collins is re-elected TD for Limerick West in the general election. By law he has to file a statutory declaration within one month of being elected, stating that, to the best of his knowledge, nothing prevents his being issued with a tax clearance certificate. He has to supply a certificate with nine months of being elected. He complies with these requirements.
June 2002: The first batch of 1,800 letters are sent out by the Revenue asking identified non-resident account holders if they have a tax liability. Further court orders are sought against financial institutions.
October 2002: The Revenue says it is sending out 30,000 more letters.
September 2003: Iris Oifigúil reveals that Mr Michael Collins TD has made a tax settlement of 130,602 arising out of the Revenue's inquiries into bogus non-resident accounts. The interest and penalties element of the settlement is €98,601. The settlement is made between April 1st, 2003 and June 30th, 2003.
