As reported by us previously, Finance Bill 2016 makes a number of changes to the tax code which will reduce the level of penalty mitigations for tax defaulters with off-shore irregularities giving rise to an Irish tax liability.

If this proposal is enacted by the Oireachtas, it will mean that, from 1 May 2017, persons with liabilities involving “offshore matters” can no longer avail of the benefits of a qualifying disclosure in certain circumstances. Revenue has provided some further details on its website, including FAQs on this matter.