Individual depositors who held bogus non-resident bank accounts have until November 15th to pay tax arrears and penalties on their holdings, the Revenue Commissioners said today.
The Revenue, which has already collected£173 million of unpaid DIRT from Irish financial institutions, are now switching their attentions to individual account holders.
Revenue chairman Mr Dermot Quigley said today the Revenue fully intend to track down and investigate every bogus account holder saying: " When we identify these cases we will carry out a full audit and investigation in each case — no matter how long it takes."
For those cases that meet the November deadline the following arrangements will apply:
- Exposure to interest and penalties will be capped at 100 per cent of the tax - account-holders will have to pay the tax and up to the same amount again in interest and penalties. Under the normal regime operated by Revenue much higher interest and penalties could arise.
- Revenue will not take steps to initiate the prosecution of related tax evasion offences through the courts.
These arrangements will not be available to cases already under audit or enquiry by Revenue or coming within the scope of the Ansbacher investigations, the Flood Tribunal or the Moriarty Tribunal, the Revenue said.
It warned that if evidence ofserious evasion is established in such cases prosecution through the courts will be considered and the file sent to the Director of Public Prosecutions.