Qualifying Disclosure ref Offshore matters
This is just a follow up and reminder to clients in relation to correspondence that Revenue sent to every taxpayer who filed a 2015 income tax return, explaining the benefit of regularising their non-Irish tax affairs pre 1 May 2017 (extended to 04th May 2017).
This will be particularly relevant where an individual holds any non-Irish property or assets (such as inherited properties outside Ireland, foreign pensions, foreign bank accounts and foreign trusts) which have not been included or accurately included in their tax return. From 1 May, there will be new restrictions on the ability to regularise non-Irish tax matters and this could also negatively affect their Irish tax position.
Failure to regularise non-Irish tax issues will result in penalties of up to 100% of any underpaid tax, potential criminal prosecution and publication of the taxpayer’s name on the Revenue list of defaulters.
Details of how to correct tax returns, and the benefits of making a ‘qualifying disclosure’ are set out in the Code. The full Code and Frequently Asked Questions (FAQs) are available on the Revenue website. We have attached a link to the FAQs for your convenience.
faq qualifying disclosure offshore matters