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Taxpayers Rush To Use Irish Voluntary Disclosure Regime

by Jason Gorringe, Tax-news.com, London

08 May 2017


Irish Finance Minister Michael Noonan has said that 532 disclosures relating to offshore matters have been received since amendments to the voluntary disclosure regime were announced last October.

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."

In response to a parliamentary question, Noonan said he had been informed by Revenue that, as at April 26, 2017, 532 disclosures relating to offshore matters had been received since the policy change was announced on Budget Day on October 11, 2016. He added that 12 of these disclosures, giving rise to payments of EUR231,543 (USD253,608), were received between October 11 and the enactment of Finance Act 2016 on December 25.

Noonan explained that Revenue will undertake a full analysis of disclosures after the deadline for receiving them passed.

The new rules entered into force for disclosures received after 17:30 GMT on May 4. Those with liabilities relating to "offshore matters" could now 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 | ministry of finance | tax authority | offshore | revenue statistics | Tax | Tax Evasion

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