Chairman of The Public Accounts Committee
Mitchell also chaired the key Oireachtas Public Accounts Committee. Under Mitchell's chairmanship the committee began to look at allegations of corruption and widescale tax evasion in the banking sector, particularly regarding Deposit Interest Retention Tax. It was established that there was a culture of encouraging tax evasion within Irish banks, which had allowed wealthy customers to set up non-resident (off-shore, international) bank accounts into which money was transferred, enabling the account holder to avoid paying DIRT. The scandal resulted Allied Irish Banks being forced to reach a settlement of €90 million with the Revenue Commissioners in respect of Deposit Interest Retention Tax evasion in 2000 in addition to thousands of tax-evaders being prosecuted including the former Minister for Justice Pádraig Flynn. Mitchell received much praise for his role in exposing the scandal.
Read more about this topic: Jim Mitchell (politician)
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