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Ireland: €88m pulled in by Revenue in offshore tax evasion haul


Added on 02/08/2018

(RTE) -- The Minister for Finance has confirmed that the Revenue Commissioners pulled in almost €88 million as part of its initiative, announced in Budget 2017, to tackle offshore tax evasion.

Under the initiative, tax defaulters with outstanding liabilities relating to offshore assets were given until May 2017 to make a voluntary disclosure.

In response to a parliamentary question from Fianna Fáil Finance Spokesman, Michael McGrath, the Minister said a total of 2,859 disclosures had been made, with a declared value of almost €88 million.

This amount comprised of €56 million in tax, €26 million in interest and €6 million in penalties.

Almost 70% of the disclosures related to four jurisdictions. They were the United Kingdom, the United States, France and Spain.