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The Irish Revenue is to write to all self-assessed taxpayers who filed their 2015 Income Tax Return with advice on how to correct errors or omissions in any tax return they have filed.
The initiative has been prompted by recent changes to the Code of Practice for Revenue Audit and other Compliance Interventions, the rules by which Revenue's compliance program is carried out.
Revenue said that it routinely conducts a wide range of checks to ensure that tax returns are filed, and that they are correct. It added that if a taxpayer needs to make a correction, there are very significant advantages available if they take action before the agency contacts them. The benefits of voluntary disclosure include reduced penalties, and the taxpayer will not be included on the list of tax defaulters or be prosecuted.
Details of how to correct tax returns, and the benefits of making a "qualifying disclosure" are set out in the Code.
However, Revenue noted that from May 1, 2017, changes and restrictions will come into effect for any corrections relating to matters outside Ireland or "offshore matters," to limit the opportunity to make a "qualifying disclosure" in these circumstances. It will no longer be possible to obtain the benefits of a qualifying disclosure if matters in the disclosure relate directly or indirectly to: an account held or situated in a country or territory other than Ireland; income or gains arising or accruing from a source in a country or territory other than Ireland; or property in a country or territory other than Ireland.
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