You may recall that Revenue recently wrote to hundreds of thousands of taxpayers inviting them to review their tax returns and consider whether they need to make a disclosure in relation to any undeclared or under-declared offshore income, gains or assets.
Offshore means any country outside of Ireland. Potential examples of non-compliance include non-Irish owned/inherited property, bank accounts, rental income or non-Irish pensions which have not been reported or have been incorrectly reported.
The 4th May 2017 is the deadline for taxpayers making such a qualifying disclosure to Revenue (extended from 30th April) From that date the penalty for underpaid Irish tax will be substantially increased (potentially to 100% of any underpaid Irish tax). It will also substantially increase the potential for publication and prosecution.
If you have any concerns regarding potential undeclared or under-declared offshore assets please ensure you take professional advice as soon as possible and before the deadline.
For independent, impartial advice, call MLMG today on 07493 21420 to arrange an appointment or contact us here
Further information has also been made available by the Revenue and is available to download Read more here