Following global trends in tax planning and the Panama Leaks in particular, many counties including Ireland have agreed to the automatic annual sharing of personal information about financial and other assets. This new arrangement will commenced in 2017.
In advance of receiving such information, the Revenue Commissioners have included measures in Finance Bill 2016 to exclude individuals from making a voluntary disclosure on or after 1 May 2017. From that date it will no longer be legally possible to make a disclosure relating to offshore matters that are known or become known at any time" to the Revenue.
Apart from exposure to significant penalties, the removal of the right to make a voluntary disclosure substantially increases the risk of criminal prosecution as well as publication.
If you are impacted by these developments you should immediately speak with a tax consultant. To arrange a meeting with a tax consultant qualified in this area contact Derek Andrews by email or at +353 (0)1 6978012.
The taxes affected by this issue include income tax, capital gains tax, gift tax, inheritance tax, VAT, stamp duty and corporation tax.