After the release of the “Panama Papers” in April 2016, which brought cases of major worldwide tax evasion to light, measures were announced on budget day to tackle offshore tax evasion.
Following 1 May 2017, Irish taxpayers will no longer be able to avail of the benefits of a ‘qualifying disclosure’ to Revenue if any matters included in the disclosure relate to “offshore matters”.
There is an opportunity to make a disclosure under the current disclosure regime and avail of reduced penalties and non-publication provided it is done before 1 May 2017. In addition, the matter will not be referred to the DPP for investigation with a view to criminal prosecution by Revenue.
Revenue are encouraging this course of action by providing certainty for taxpayers regarding the outcome.
For more information on this please email email@example.com