According to a report from the Business World news service on Monday, Ireland's Revenue Commissioners are currently considering a novel way of collecting tax on undeclared offshore accounts established by Irish citizens.
The news service revealed that the proposed scheme would require the cooperation of the authorities in the Isle of Man, the Channel Islands, and Luxembourg.
In order to catch tax dodgers, banks in the aforementioned jurisdictions would be obliged to send any interest earned on offshore accounts held by Irish residents straight to the Republic's tax authority, and anyone who wants to claim back their interest would need to contact the Revenue Commissioners in order to do so.
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