In a recent speech in the Dáil, Minister for Finance Michael Noonan stated that over 2,300 offshore disclosures with a value of over €70 million were received by Revenue as part of the offshore disclosure regime. While €70 million is a sizeable sum, and it is a positive development that over 2,000 cases of tax evasion are being resolved, progress can be seen from the last comparable Offshore Assets campaign which resulted in settlements totalling in excess of €1 billion being made.

We understand that Revenue will be in contact with those who made disclosures in due course in respect of further steps, if any. Revenue no longer include in their Annual Report a breakdown of the aggregate figure accruing from “legacy” investigations, but have reported amounts of €7m–€8m being recovered annually in recent years from Offshore Assets investigations. Future statistics should offer a good reflection of the efficacy of information sharing and processing by revenue authorities internationally in the absence of settlement incentives for offshore disclosures.