The 2017 finance act includes strenuous provisions for getting your tax affairs in order in terms of offshore assets.
Any offshore taxes should be tidied up well before the clampdown begins after 1 May 2017.
Revenue have access to international data to begin the clamp down on tax evasion both on and offshore. Revenue have automatic access to information regarding income and assets in overseas banks and institutions. This increased access, combined with the Revenue’s improved technology for clamping down on tax evasion, will make it difficult for tax evaders to avoid scrutiny.
Revenue previously had to place a request based on existing information or concerns In order to check Irish records against those of other countries. Revenue’s big data technology will now allow for cross referencing between Ireland and other countries for data on individual cases which was previously have been unavailable to them. This will allow Revenue to build up a detailed picture of an individual’s tax affairs and to assess patterns for any suspicious or untoward behaviours. Irish records will be automatically cross referenced with those of over 100 other countries by late 2018.
Revenue has stated that there will be time for individuals to set their affairs in order up to 30 April 2017 but warned that there will be a zero tolerance policy after this point.
Revenue has said that “Those with offshore assets have until May 1st to make a voluntary disclosure before Revenue uses the “full rigour of the new system. This is the last opportunity for people to come forward because after that, the penalties are severe.”
Should you require any help, guidance or advice on these or any other financial or business matters please don’t hesitate to contact info @dvmannion.ie or phone Carmel Kelly, Rose Keaveney or Declan Mannion at D V Mannion & Co on 091 586020 where we will be happy to be of help.