Yesterday (June 10) saw the passing of the Irish Revenue Commission’s deadline for submission of final computations and payments for its offshore assets investigation.
Analysts believe that the amnesty could net a record tax revenue haul for the government, surpassing the 1 billion euros paid to the Commission up to the previous deadline of March 29 2004.
The June 10 deadline is an extension of the original deadline set for May 28 and gave extra time for individuals who declared a previously undisclosed tax liability on income derived from outside of Ireland before March 29.
The Revenue Commissioner Frank Daly told the Dail Public Accounts Committee in March that 726 million euros in tax had been recovered from holders of bogus non-resident accounts and 184 million from investigations into other offshore accounts, in addition to almost 100 million clawed back from account holders in the NIB/CMI scheme and Ansbacher accounts.
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