The Irish Revenue Commission is to launch another major offensive against offshore banking later in the year, according to reports this week.
It has emerged that the Revenue is to investigate Irish banks with operations in offshore jurisdictions such as the Channel Islands and the Isle of Man from the end of March and has already contacted some of the country’s main banking institutions to seek their cooperation, Business World reported on Monday.
It is thought the tax authorities are prepared to sanction an amnesty-style settlement by urging the banks to write to customers warning them to voluntarily declare information and escape potential prosecution resulting from a Revenue investigation.
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