The Revenue is stepping up its investigations into Irish taxpayers with off-shore bank accounts, according to The Sunday Business Post.
A report by Ian Kehoe claims the Revenue is using new powers to uncover transfers that have been made from Irish accounts to banks in offshore jurisdictions. This information was previously confidential.In particular, the investigation is focussing on accounts in the Channel Islands, Switzerland and Liechtenstein.
Quizzed on how much additional revenue it hopes to claw back from the investigations, chairman Josephine Feehily said that the Revenue would ‘‘not be doing it unless we felt it was worthwhile.”
Sobering words for any Irish self-assessment tax-payers who have unaccounted-for earnings stashed away on foreign shores.
Since 2004, the Revenue’s investigations into offshore accounts have highlighted more than €950 million in back taxes and penalties.