The Minister for Finance indicated that he will provide the Revenue Commissioners with extra powers in dealing with tax evasion in tomorrow's Finance Bill.
Mr Cowen said the question of revenue law assisting the Revenue Commissioners was under consideration in his Department on foot of representations by its chairman.
"I have sought the advice of the Attorney General's office, and I will make an announcement on this matter when the Finance Bill is published on Thursday," he added.
The Labour spokeswoman on finance, Ms Joan Burton, said that bank officials or senior management who organised, perpetrated and facilitated multi-billion euro of offshore tax evasion had not been prosecuted.
"Compare this with people on social welfare who are frequently and correctly prosecuted for defrauding the social welfare system," she said.
The Fine Gael spokesman on finance, Mr Richard Bruton, said that substantial tax evasion schemes were identified in the NIB case.
"While the taxpayers paid, the bank suffered no financial penalty for the tax evaded," he added.
"Is there a problem with evidence requirements or penalties?"
Mr Cowen said the current legislative provision covered the offence of assisting someone in making an incorrect return.
"This narrowly defined offence is specific. To address this difficulty, a new offence of facilitating tax evasion, along similar lines to the recently enacted criminal justice legislation and the UK model, would have to be considered," he said.
"These are matters on which I have taken advice, and I will comment on them when I publish the Finance Bill on Thursday," Mr Cowen added.
The Green Party spokesman on finance, Mr Dan Boyle, asked if a distinction would be made in the legislation between the people who dealt face-to-face with bank officials who might have given direct advice, and senior management in financial institutions who would have been responsible for what was often an unspoken policy that would have encouraged tax evasion.
Mr Cowen said the legislative base was rather narrow and restrictive.
He added that the creation of an offence regarding aiding and abetting of tax evasion was a matter on which he had taken advice, but he could not comment until the publication of the Finance Bill.
