In his speech last autumn, Noonan signalled that, from 1 May 2017, anyone with undeclared offshore assets will no longer benefit from significantly reduced penalties and the chance to remain anonymous when disclosing undeclared assets to the Revenue Commissioners, The Irish Times reports.
Responding to a question from Sinn Féin finance spokesman Pearse Doherty, Noonan said that 13 voluntary disclosures had been received since his Budget speech “resulting in settlements amounting to €188,650 (£159,656, $199,254) in tax, interest and penalties”.
A further two cases have been identified, with an advance payment of €47,000 made “on account” in one of them, Noonan said.
In his written reply to Doherty, the finance minister said: “Anybody who has tax liabilities relating to matters of that kind and who does not act to address them before May 1st will face the prospect of substantially higher penalties, publication in the Quarterly List of Tax Defaulters and possible prosecution.”
Self-assessment letters
Ireland’s tax authority is currently sending letters to nearly half a million self-assessment taxpayers asking them to review their tax affairs to make sure any assets held abroad are disclosed before the 1 May deadline.
President of the Irish Tax Institute, Mark Barrett, said: “Offshore does not just mean assets or funds held in exotic locations and includes any income or assets held outside Ireland, for example a UK pension or rental income from a holiday home overseas.”
