Business Irish

Monday 11 December 2017

Tax authorities extend deadline that allows people cut bills on undeclared foreign assets

(Stock picture)
(Stock picture)
Charlie Weston

Charlie Weston

THE tax authorities have extended the deadline that allows people to cut their tax bills on income and assets abroad which they have not declared.

The deadline that allows people make a voluntary disclosure about assets and income outside the country was due to fall on Bank Holiday Monday.

But it has now been extended to next Thursday, the Revenue Commissioners said.

People who own up to Revenue before the new deadline will be able to get reduced penalties for failing to pay taxes owed, and can avoid having their names published in the tax defaulters’ list and avoid a prosecution.

The disclosure option covers foreign pensions or interest from a bank account outside Ireland. It is also likely to cover a property that is being rented out, even for part of the year. And properties inherited in another jurisdiction also come into the scope of the tax disclose deadline, tax has not been paid on the inheritance.

Announcing the new deadline, Revenue Commissioners chairman Niall Cody warned that Revenue now has access to vast amounts of information from other countries about people who are tax resident here.

He said non-compliant taxpayers had a final opportunity before new exchange of information rules vastly increase the data available to Revenue about taxpayers’ offshore interests.

“Any person or business affected is strongly advised to avail of this last opportunity to contact us and make a full disclosure, before we contact them,” he said.

Thousands of people living here get pensions from Britain from their time working there, with some of these not declared for tax purposes.

The move comes after Finance Minister Michael Noonan announced in October’s Budget a move to target offshore income and assets which have not been declared to Revenue.

Tax officials recently sent letters to 500,000 taxpayers warning them that they are running out of time to declare if they have foreign earnings that they have failed to declare.

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