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Bogus Non-Resident Account Deadline Passes

by Carla Johnson, Investors Offshore.com

18 December 2002


The deadline for Irish bogus non-resident account holders to come forward in order to avoid prosecution has now passed, meaning that those citizens who have chosen not to settle their tax affairs with the Revenue Commissioners are now facing increased fines and possible custodial sentences of up to 8 years.

Although, according to the Irish tax authority there has been a flurry of activity in recent weeks, with large numbers of defaulters paying sums of up to 400,000 euros, there are still many who have chosen to sit tight and hope for the best - not a good strategy, according to a Revenue sopkesman, who told the Irish Examiner prior to the passing of the deadline that:

'Those who sit around waiting for a letter could end up being investigated with a view to prosecution.'


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