Irish Revenue Commission Swamped By Tax Evasion Disclosures

by Jason Gorringe, Tax-News.com, London

31 March 2004

In the run-up to yesterday's deadline, Ireland's Revenue Commissioners were swamped by a glut of disclosure forms filed by Irish citizens with undeclared assets held offshore, according to reports in the national media.

Surpassing predictions made by Revenue Commission Chairman, Frank Daly, who recently suggested that around 5,000 people were expected to come forward and voluntarily reveal undeclared assets, some 15,000 have admitted to owing tax.

According to a report in the Irish Independent, despite the postal strike, the Revenue received more than 7,000 voluntary disclosure forms on Monday, and the deadline was extended until midnight in order to allow people more time to file their forms by fax.

Defaulting taxpayers who have revealed themselves to the tax authority now have 60 days to pay their debts.

However, they face less severe penalties than tax-evading Irish citizens uncovered by subsequent investigation, who risk prosecution, higher fines, and the publication of their names.

Recommended