Chairman of the Irish Revenue Commission Frank Daly has predicted that 5,000 individuals will make a voluntary disclosure concerning tax owing on the proceeds of offshore accounts.
According to Mr Daly, EUR184 million has been collected in back taxes, interest and penalties from the compliance initiative, and he claimed that it is not unreasonable to assume that this total could reach EUR1 billion by the end of the investigation.
Daly informed the Oireachtas Public Accounts Committee last week that, up to March 24, some 3,500 people have come forward to disclose information about their offshore accounts and investments. He added that a further 1,500 taxpayers are likely to come forward by the end of today’s deadline.
Daly also revealed that he was not prepared to push this deadline back on account of the recent postal strike.
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