Budget 2017 And Offshore Accounts

Author:Mr John Gill and Paraic Madigan

In his Budget speech on 11 October 2016, the Minister for Finance announced a comprehensive programme of targeted intervention against offshore tax evasion.

The announcement comes as increased data relating to offshore accounts is set to become available to the Irish Revenue Commissioners ("Revenue") as a result of the implementation, as an early adopter, of the OECD's Common Reporting Standard ("CRS"). The first exchange of reported information under CRS, which will see details of offshore accounts held by Irish resident customers being passed to Revenue, is scheduled to commence in September 2017. 

Budget Announcements

The measures announced include:

The denial of the opportunity, from 1 May 2017, to make a "qualifying disclosure" in relation to offshore accounts and assets. The benefits of making a qualifying disclosure include mitigation of penalties, non-publication as a tax defaulter, and protection from criminal prosecution in relation to the tax default. The introduction of a strict liability offence for failure to return details of offshore accounts or other assets. Increased personnel and improved information technology infrastructure for Revenue to analyse data received and confront non-compliance. Opportunity for Disclosure

Published Revenue material indicates that statutory disclosure opportunities provided by Revenue in 2004...

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