Following the powers attained from the new regulations which require financial institutions to automatically send details of interest payments in excess of €635 in a year, (see next story), Revenue have announced a voluntary disclosure deadline for undisclosed income or funds held in Irish bank, building society or other accounts.

Taxpayers who had €100,000 or more in aggregate in these accounts (which included funds not previously declared for tax) at any time between 1 January 2005 and 31 December 2007 have until 15 September 2008 to make a voluntary disclosure under this initiative.

Following our submission on the closing date for disclosures and payments, Revenue have confirmed that the submission date is 15 January 2009.

While the actual disclosure and payment are due on 15 January 2009, taxpayers who have tax issues relating to funds in deposit accounts with an aggregate balance of €100,000 or more must still come forward by 15 September 2008 with a notice of intention to make a disclosure. The Notice of Intention is available at http://www.revenue.ie/pdf/notice-of-intention.pdf.

Revenue have placed FAQs which deal with various aspects of the investigation on their website. Some of the FAQs relate to qualifying disclosures. The FAQs are available at http://www.revenue.ie/index.htm?/faqs/faqs-interestreporting.htm.

ICAI will deal with Revenue on any further queries on the Special Investigation on Deposits that members may have.

The Revenue press release is reproduced at Section 2.03.

ICAI reacts to new Revenue probe

The ICAI press release on the new Revenue investigation is reproduced at Section 2.01.