By submitting to the Revenue a "Notice of Intention to make a Qualifying Disclosure" by March 29th, 2004, you will benefit from the Revenue offer

Which is:

Mitigation of penalties; non-publication of your name in the list of tax defaulters; and the Revenue will not seek to initiate any investigation with a view to prosecution.

This gives only a few weeks, up to March 29th, to advise the Revenue of your intention to make a qualifying disclosure.

Anyone currently, or previously, under a Revenue investigation is precluded from making a qualifying disclosure and availing of the benefits offered by the Revenue, but they should still come forward.

For example, holders of bogus non-resident accounts, holders of Ansbacher accounts or those under investigation arising from the Moriarty or the Flood/Mahon tribunals cannot avail of the benefits of qualifying disclosure.

You then have 60 days, that is until May 28th, 2004, in which to settle any liability and provide a computation of tax, interest and penalties due.

The Revenue has advised that it is receiving information about offshore tax evasion from sources inside and outside the State. It also has considerable powers to secure information from financial institutions and other sources by making an application to the High Court.

It is vital that anyone who receives such a letter from the tax authorities should obtain professional advice and ensure that they avail of the Revenue offer.

It is Revenue policy to publish the names, addresses and occupations of those who enter into settlements for tax, interest and penalties where the total settlement including interest and penalties exceeds €12,700.

These details are reproduced in the quarterly list of tax defaulters in Iris Oifigiúil. They also frequently appear in the national newspapers.

Publication in this manner will not, however arise where:

The amount of the settlement does not exceed 12,700;

The individual makes a qualifying voluntary disclosure.

Accordingly, where the Revenue has not begun an investigation or inquiry, the taxpayer can, by acting now, avail of a substantial reduction in the amount of penalties that might otherwise be applied and avoid having his or her name published.

Furthermore, by not making a voluntary approach to the Revenue, the taxpayer may run the risk of prosecution which could result in a larger settlement as well as a fine and possible imprisonment.