Revenue hand tax dodgers new deadline
23/05/2008 - 16:29:22Tax dodgers with more than €100,000 in undeclared cash stashed in Irish banks are being given the chance to hand themselves in to the Revenue.
Holders of large-scale deposit accounts, which will include criminals or people gaining income from overseas properties, have until September 15 to make a voluntary disclosure about any money they may owe to the state over the last three years.
Under recently introduced regulations, all banks, building societies and post offices have to automatically report the names, address and details of any account which earned more than €635 in interest on their deposit.
However, tax collectors stressed that people who have funds in their accounts by legal means such as savings or redundancy payments have nothing to fear.
Accounts for the years 2005 and 2006 will be handed over to the Revenue on or before September 15, with the 2007 reporting deadline on October 31.
A Revenue spokesman emphasised the focus is on money which was undeclared for tax purposes, adding that the current initiative will affect a relatively small number of taxpayers.
“We do not want to alarm the general public with this initiative,” he said.
“We are looking at people who have €100,000 in their bank accounts which been undeclared for tax purposes.
“Anyone with any income which hasn’t been declared should come forward.”
Taxpayers who are already under enquiry or who failed to disclose these accounts in a previous investigation are precluded from making a qualifying disclosure.
<-- BACK TO STORY