As you may be aware, the deadline to give notice to Revenue of your intention to make a voluntary disclosure in respect of undeclared monies lodged with Irish financial institutions is 15 September 2008.
The current Revenue investigation is primarily aimed at persons who, at any time in 2005, 2006 or 2007, held in aggregate €100,000 or more in banks, building societies or other similar financial institutions and these funds included amounts not previously declared for tax purposes.
The voluntary disclosure initiative announced by Revenue has two phases and two important dates:
15 September 2008 – Submission of notice of intention to make a disclosure to Revenue.
15 January 2009 – Submission of full disclosure together with payment of outstanding tax, interest and penalties, as appropriate.
Persons who fall within the current Revenue investigation but fail to make disclosures by the above dates will be precluded from receiving the following benefits:
Mitigation of penalties on underpaid tax.
No publication of the taxpayer’s identity or of the payments to Revenue.
No prosecution in relation to the disclosure.
Taxpayers who are already under enquiry or who failed to disclose undeclared funds under a previous Revenue investigation are precluded from making a qualifying disclosure. These include:
Holders of Bogus Non-Resident (BNR ) accounts, Ansbacher and NIB / CMI enquiry cases, Offshore financial product or Single Premium Policy cases, Persons undergoing investigation arising from the Moriarty or Flood /Mahon tribunals.
Please note that this investigation is about undeclared tax liabilities. If the funds in the deposit accounts were previously taxed or came from payments which were tax free you do not have to worry. KPMG tax advisors, Odeon House, Eyre Square, Galway are available to assist in all matters relating your personal tax affairs and can be contacted on 091 534600 for an appointment.