The Irish tax authority explained that:

"Under recently introduced regulations banks and other financial institutions are required to provide Revenue with details of the names and addresses of account holders where interest in excess of EUR635 was paid. For the years 2005 and 2006 banks, building societies and savings banks are required to report to Revenue on DIRT-liable accounts on or before 15 September 2008. For the year 2007 the reporting deadline is 31 October 2008."

"Taxpayers who had EUR100,000 or more in aggregate in these accounts (which included funds not previously declared for tax) at any time between 1 January 2005 and 31 December 2007 have until 15 September 2008 next to make a voluntary disclosure under an initiative announced by the Revenue Commissioners."

Benefits of participation in the voluntary disclosure scheme include:

• A substantially lower penalty for underpaid tax;
• The taxpayer's name and settlement amount will not be published by the Revenue in its quarterly list of tax defaulters; and
• The tax authority will not initiate an investigation with a view to prosecution.

Explaining the consequences for taxpayers of failure to avail themselves of the disclosure initiative, the Revenue Commission concluded:

"Where follow-up enquiries identify taxpayers with undeclared liabilities associated with accounts which in aggregate held EUR100,000 or more at any time during the relevant years they will face additional penalties and where the settlement exceeds EUR12,700 for periods up to 2004 or EUR30,000 for later periods they will be published in Irish Oifigúil. They also may be subject to criminal investigation."

A late surge of disclosures was expected ahead of the deadline. However, observers suggest that the additional revenue yielded by the amnesty is not likely to be anywhere near as great as that resulting from earlier disclosure schemes.