THE DAYS of other countries trying to replicate Ireland’s “economic miracle” may be well and truly over, but that’s not to say our tax officials can’t teach their international peers a trick or two.
If the new offshore disclosure scheme launched in the UK this week seems to bear a striking resemblance to our own offshore asset investigation, it’s no coincidence. So successful was our own Revenue Commissioners’ crackdown on tax evasion through offshore accounts that her majesty’s tax officials used it to help design their own version and were in contact with their Irish counterparts during the planning stage.
UK residents with untaxed income in offshore accounts have been given until next March to make a voluntary disclosure to the HM Revenue and settle their tax liabilities at a favourable penalty rate. Those who do not come forward run the risk of being slapped with a penalty of 30 per cent of the tax evaded or higher.
“This will be the last opportunity of its kind,” Revenue warned.
The UK officials will no doubt be hoping to replicate the impressive performance of the Revenue here. Its investigation yielded almost €940 million, and that’s not counting the tax haul of close to €865 million generated by the bogus non-resident account investigations.
