Ireland has adopted the OECD’s Common Reporting Standard (CRS). Irish Financial Institutions will be required to submit CRS information to Revenue by 30th June each year with the first return due by 30 June 2017.
Irish Revenue are due to receive their first report showing details of offshore accounts held by Irish residents in September 2017.
Budget 2017 introduced measures which restrict a Revenue defaulter’s opportunity to use Revenue’s voluntary disclosure regime with effect from 1 May 2017. This applies to disclosures relating directly or indirectly to undeclared or incorrectly declared income or assets held outside Ireland (offshore).
Consequently, all disclosures made after this date not be entitled to avail of the benefits of making a qualifying disclosure which include the opportunity to mitigate penalties, non-publication as a tax defaulter and possible criminal prosecution in relation to the tax default.
With this in mind if you require any assistance in relation to making a qualifying disclosure prior to 1st May next please contact our Tax Department on 01-2804731 or firstname.lastname@example.org