Removefiannafail

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Revenue raking in the cash.

Posted by removefiannafail on December 28, 2005 at 9:11 AM

December 28th 2005.

I read  today that revenue took in 381 million in taxes and penalties from the single premium insurance bond scam,this year.

Funny,some years ago when I fell foul of Revenue in my own small way,my local bank got wind of my misfortune and sent a posse out post-haste to help me out of the jam.!

A top emissary arrived at my doorstep,one day under the impression that I had a huge stash of "black money" ("Dinero negro",as they call undeclared earnings in Espana) looking for a secure home.This was about the time the Revenue were prising open the bogus non resident account scam.

I listened attentively to the sales pitch in our livingroom,where the friendly gent from the bank chatted to us over a cup of tea.. Iwas informed that I could "lose" any funds I had hidden-or wanted to hide in future- from Revenue, by simply investing in Premium Bonds.These,he explained were sold in denominations of 100,000 old irish pounds each(not for small time tax dodgers!) and had a lifespan of five years.The interest paid on them was a generous 5 % per annum( in hindsight,not a bad deal at all-except for the lurking Revenue inspectors..) and penalties were levied for earlier encashment

I asked him how he would 'lose" my money successfully.He indicated it was all done by sleight of hand, juggling with bank drafts, which it seemed were difficult to trace if laundered well...and apparently Revenue rarely pursued this particular escape route.

I asked him why, given the opening up of the non resident account fraud at the time we were discussing another fraud,- why Revenue would not fall upon this scam at some future date when they were less busy with Ansbacher and non resident accounts  etc.?

He indignantly rejected my thesis, stating that this type of investment involved billions,massive funds (which I could believe,at 100,000 pounds a go) which were shoring up the irish economy,and  furthermore the money was invested with the biggest insurance companies in Ireland and any attempt to interfere,by Revenue,would never be permitted by the government,as it would cause a ruinous outflow of capital,and investment funds,from Ireland to other parts of the globe.

Well I am glad I had no hidden crock of gold. It seems the banks were wrong about this as they were about so many other scams. Ireland is now awash with so much capital at present that an outflow would be doing Bertie a favour.! It's great to see him scoop in so much money,while Mary Hearney gets the blame for it all.! Of course ,it would be even better if they had the competence to spend it all properly..

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