TaxSource Total

Here you can access relevant source documents which support the summaries of key tax developments in Ireland, the UK and internationally

Source documents include:

  • Chartered Accountants Ireland’s representations and submissions
  • published documents by the Irish Revenue, UK HMRC, EU Commission and OECD
  • other government documents

The source documents are displayed per year, per month, by jurisdiction and by title

Revenue Press Release on New Investigation

Revenue announces voluntary disclosure deadline for undisclosed income or funds held in Irish bank, building society or other accounts

Under recently introduced regulations banks and other financial institutions are required to provide Revenue with details of the names and addresses of account holders where interest in excess of €635 was paid. For the years 2005 and 2006 banks, building societies and savings banks are required to report to Revenue on DIRT-liable accounts on or before 15 September 2008. For the year 2007 the reporting deadline is 31 October 2008.

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 next to make a voluntary disclosure under an initiative announced by the Revenue Commissioners today (23/05/08).

Revenue emphasise that the focus is on money which was undeclared for tax purposes and this current initiative will affect a relatively small number of taxpayers.

Persons who have tax issues relating to monies on deposit and who wish to avail of the opportunity to make a voluntary disclosure will receive the following benefits:

  • The penalty for underpaid tax will be substantially mitigated;
  • Their name and settlement amount will not be published by Revenue in the quarterly list of tax defaulters in Iris Oifigiúil;
  • Revenue will not initiate an investigation with a view to prosecution.

Taxpayers who are already under enquiry or who failed to disclose these accounts in a previous investigation are precluded from making a qualifying disclosure.

The deadline date for the submission of a notice of intention to make a voluntary disclosure is 15 September 2008 (coinciding with the first reporting deadline). A full disclosure with all due tax, interest and penalties must be made at a later date.

Revenue is discussing the details of this initiative with the Tax Administration Liaison Committee (TALC) and precise details will be available following those discussions.