As and from the 1st of May a taxpayer, both individuals and corporates, will be unable to obtain the benefits of a qualifying disclosure in respect of offshore matters.
Offshore matters relate to any asset outside the State and would include such items as;
If a qualifying disclosure is made before the 1st of May the taxpayer can avail of the following;
After 1 May 2017 a taxpayer disclosing a purely onshore default may not be in a position to avail of the benefits of a qualifying disclosure if the taxpayer has offshore tax issues that were not disclosed to Revenue prior to 1 May 2017.
It is important that taxpayers review their returns and ensure that all income, but particularly offshore income has been reported as part of their tax returns.
The tax team at Cooney Carey have assisted numerous clients in reviewing their tax affairs to ensure compliance with the tax legislation. If you have any concerns regarding your tax position you should contact us as soon as possible and we can assist you in bringing your affairs up to date.
For help please contact Eamonn Madden, Tax Manager at Cooney Carey, on 01 677 9000 or email him on: firstname.lastname@example.org
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