Irish Revenue to use new powers for offshore tax inquiries

tax       2004-02-05 
The Revenue Commissioners plan to use new powers from May to demand that tax dodgers hand over details of offshore bank accounts held with Irish financial institutions.

The powers, which the Revenue had lobbied for in recent months to strengthen its hand in a fresh investigation of tax havens, were included in the Finance Bill, which was published yesterday and is due to be signed into law in mid-March.

The move follows the Revenue's decision to write to the State's 10 major banks asking them to instruct their customers with accounts or policies in offshore locations to come forward to the tax authorities before March 29th.

Account-holders are being given 60 days to complete their returns before the Revenue takes further action.