As part of Revenue’s investigations into “offshore matters”, there will be significant changes coming into effect from the 1st May 2017. After that date all taxpayers, including companies and individuals, will be limited in their opportunity to make a “qualifying disclosure” in respect of a tax liability arising from a matter anywhere outside the Republic of Ireland.
Revenue have increased international co-operation whereby they receive more information automatically from other countries.
If you have received any gifts, made any gains or earned any income from abroad that weren’t declared then this could affect you. If you are in any doubt now is the time to seek advice as there are less than two months to go until the deadline.
After that date taxpayers will not be able to benefit from a qualifying disclosure if the disclosure relates to any of the following:
Qualifying Disclosure Benefits
The potential benefits of a qualifying disclosure include
If you are in any doubt you should contact Bruce Stanley, Tax Partner at HLB Sheehan Quinn for expert advice.
Phone: 01 291 5265