Offshore clampdown yields €13.6m as deadline loomed

The Revenue Commissioners have clawed back €13.6 million from taxpayers who have made voluntary disclosures of offshore sources of income since last October.

That is according to Minister for Finance Michael Noonan who confirmed that, to April 26th, Revenue had received 532 disclosures relating to offshore matters resulting in payments to Revenue of €13.6 million. He said that 12 of those disclosures, giving rise to payments of €231,543, were received between October 11th last year – the day before the budget in which a clampdown on offshore income was announced – and the enactment of the Finance Act 2016 on December 25th.

The initial deadline for voluntary disclosures was last Monday, May 1st, but this was extended by Revenue to 5.30pm on Thursday.

In his written Dáil reply to Social Democrats Deputy Roisín Shortall on the issue, Mr Noonan stated: “A full analysis of disclosures received will be undertaken by Revenue after the deadline for receiving them has passed, and information about them and the related payments received will be made available when that work has been completed.

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He said anyone who had not come forward faced strong action from the tax authorities.

“I am advised also that cases will be investigated with a view to prosecution where the facts and circumstances warrant such a course of action,” he said.