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Disclosures of Foreign Income and Assets Update

Following our recent newsletter regarding the 30th April 2017 deadline for making a qualifying disclosure in relation to offshore matters this deadline has now being extended to Thursday 4th May at 5:30pm.

Please find below further clarification.

This arose from queries the Irish tax Institute received from its members about the regime.

The institute raised this matter with Revenue and Revenue confirmed that the failure to declare a foreign bank account or asset would not result in a requirement to make a disclosure if no tax liability arises from these offshore matters.

Two new FAQs have been published by Revenue to reflect this position, as follows:

I have an offshore account or asset and I have received a letter from Revenue regarding “Reviewing and Correcting Your Tax Returns”. I do not have any tax liability in relation to my offshore account or asset; do I need to make a disclosure?

No, you only need to make a disclosure if you have a tax liability. If you have no tax liability arising from the offshore account or asset you are not required to make a disclosure.

I have no tax liability from my offshore account but I failed to include it in my Return when the account was opened. Do I need to make a disclosure?

No, you only need to make a disclosure where there is a tax liability arising from the offshore account. If there is no tax liability arising from the offshore account you are not required to make a disclosure.

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Joe Cunnane Practice Owner TRA Professional Services       Qualifications:  FCA Chartered Accountant & AITI Chartered Tax Advisor Joe has over 20 years experience working in both private practice and industry ... Read More »