CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Ireland Extends Deadline For Disclosure Scheme

Ireland Extends Deadline For Disclosure Scheme

by Jason Gorringe, Tax-news.com, London

28 April 2017


The Irish Revenue has extended the deadline for qualifying offshore disclosures until May 4, ahead of a major change to the voluntary disclosure rules.

Under Finance Act 2016, taxpayers will no longer be permitted to make a disclosure that would otherwise be considered a "qualifying disclosure" if that disclosure relates to "offshore matters."

This provision was due to apply from May 1, 2017. However, Revenue said that as May 1 falls on the Monday of a Bank Holiday weekend, it has extended the deadline for receipt of disclosures until Thursday May 4 at 17:30 GMT. It said taxpayers will have until this date to take advantage of reduced penalties, and avoid publication on the tax defaulters list and possible prosecution.

A "qualifying disclosure" is a type of voluntary disclosure, whereby a taxpayer can freely disclose a tax default to Revenue. Under the new rules, it will no longer be possible to obtain the benefits of a qualifying disclosure if matters included in the disclosure relate directly or indirectly to any of the following: an account held or situated in a country or territory other than Ireland; income or gains arising from a source, or accruing, in a country or territory other than Ireland; and property in a country or territory other than Ireland.

Those with liabilities relating to "offshore matters" could therefore be liable to higher penalty rates, the settlement could be published in the quarterly defaulters' list, and a criminal prosecution could be pursued.

TAGS: compliance | tax | tax compliance | Ireland | tax avoidance | tax incentives | banking | offshore | offshore banking | penalties

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »