Revenue Commissioners' investigations into offshore accounts and investments outside the State are advancing with force, as the recent round of bank letters issued to customers proves beyond doubt

A deadline of March 29th, 2004 has been set for people to come forward and make a qualifying disclosure, secure some mitigation in penalties and avoid publication and prosecution.

A considerable portion of the Revenue's resources was applied in its investigation of bogus non-resident accounts over the past year or two.

Its recent concentration on offshore products used by Irish resident individuals to evade tax is evidence of its keen interest in pursuing tax evasion.

The Revenue's recent re-organisation has made way for an Investigations and Prosecutions Division, which has a clear brief to advance prosecutions in cases of tax and duty evasion.

The establishment of this division bears witness to the Revenue's view of the importance of such prosecutions.

The division will handle and co-ordinate certain tax and customs investigations and inquiries, and the Offshore Assets Group is dealing with this latest investigation into offshore products.

To date, the inquiry into bogus non-resident accounts, and other products, by the Revenue Commissioners has yielded close to €1 billion for the Exchequer.

Thousands of letters have recently been sent by banks to their customers advising them of the Revenue Commissioners' intention to investigate offshore accounts, including the source of the funds held in these accounts.

The Revenue has advertised in the national press, warning that failure to come forward and make a qualifying disclosure before the investigation begins will result in the tax evader being liable to increased penalties and publication of their name in the tax defaulters list. And in addition to this, they risk prosecution for tax evasion.

Bernard Doherty is a tax partner with Grant Thornton