The Irish Revenue Commission has announced that it is to undertake a “comprehensive investigation” of bank accounts and other investments held outside the country in cases where the tax man suspects income has not been declared for tax purposes.
According to the Revenue, many investment or account holders are expected to receive letters from banks and financial institutions in the coming days, notifying them of the Commission’s intention to investigate their tax affairs.
Using the familiar carrot and stick approach, the Revenue is offering reduced penalties and omission from the quarterly defaulters list if suspects make a ‘Qualified Disclosure’ before an investigation commences.
Meanwhile, the Revenue promises to “employ all its increased powers” to ensnare taxpayers who continue to evade its grasp, the announcement stated.
The investigations are due to commence from March 29.
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