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Disclosures of Foreign Income and Assets

This week we are discussing the topic of disclosures of foreign income and assets. As from 1 May 2017, it will no longer be possible to obtain the benefits of a qualifying disclosure if matters included in the disclosure relate directly or indirectly to any of the following:

·         A bank account held or situated in a country or territory other than the Republic of Ireland

·         income or gains arising from a source, or accruing, in a country or territory other than the Republic of Ireland

·         property situated in a country or territory other than the Republic of Ireland.

In addition, where there are liabilities arising within the Republic of Ireland(ROI) as well as liabilities relating to offshore matters, a qualifying disclosure will be unavailable in respect of all of those liabilities except in limited circumstances.

It will also mean that, from 1 May 2017, those with liabilities involving “offshore matters” could be liable to higher penalty rates, any settlement could be liable for publication in the quarterly Defaulters’ List, and the person concerned could be the subject of a criminal prosecution.

A qualifying disclosure may be made at present in relation to offshore matters, subject to the general rules and requirements for making such a disclosure. Please see further details below.

http://www.revenue.ie/en/business/disclosure.html

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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 »