The Revenue has collected €30m as part of an investigation into deposits of over €100,000 in Irish banks, building societies and other accounts and payment of tax on undeclared interest, must be made by January 15, 2009 .
The initial focus of the Revenue investigation is on deposits totalling more than €100,000 but Revenue could well target smaller value amounts in a second phase of the investigation.
Revenue FAQ
The Revenue Commissioners announced earlier in 2008, a new disclosure scheme relating to moneys held in Irish deposit accounts. Deposit holders were being given until 15 September to declare any untaxed amounts which they had lodged in their deposit accounts. By so doing, Revenue would mitigate the tax penalties which can apply, and undertake not to publish the tax defaulters name.
A disclosure also meant that Revenue would not pursue the case for prosecution for tax evasion. The new scheme was very similar to those which Revenue have operated in recent years for disclosure of untaxed money in Offshore Assets and Single Premium Insurance policies.
The Revenue has relevant information that has been supplied by the financial institutions, and those who availed of the September 15, 2008 deadline, must make due payment by tomorrow, January 25, 2009.
