The Revenue Commissioners has begun an investigation into offshore accounts and investments, it said this evening.
A deadline of March 29th has been set for people to make voluntary disclosures and thereby receive reduced penalties, avoid prosecution and avoid their name being published on the tax defaulters list.
The move follows a meeting in December between the Revenue Chairman, Mr Frank Daly, and the Chief Executives of banks and building societies in the State.
Revenue is concentrating on those who have held, or still hold, accounts or investments outside Ireland where the money or income has not been declared for tax. The offshore accounts under examination also include those held in Northern Ireland.
Those who come forward by the March deadline must pay any liability by May 28th. Many account or investment holders are to receive letters from financial institutions within days advising them of Revenue's investigation.
The Minister for Finance, Mr McCreevy said in November that the Revenue Commissioners had collected more than €118 million from people holding offshore accounts.
In December, Revenue said it had collected a total of €922 million by the end of September arising out of its inquiries into bogus non-resident accounts, DIRT, Ansbacher, NIB, tribunals and funds deposited offshore.
Revenue said in a statement this evening it would employ all its increased powers in the investigation, including those which were used to deal with bogus non-resident account holders.
