The chairman of the Revenue Commissioners, Mr Dermot Quigley, said last night he expects a significant take up on the offer to cap interest charges to bogus non-resident account holders who make a full disclosure before November 15th.
Denying the Revenue Commisioners was effectively presiding over a carte blanche amnesty, Mr Quigley said common sense suggested the bulk of tax evaders who plan on coming clean will do so closer to the deadline.
Undisclosed offshore accounts have yielded £10 million in back taxes and interest to date.
Revenue has placed a ceiling on the level at which it will impose interest and penalties so account holders will not pay more than twice the tax due in total.
Speaking on RT╔'s Tonight With Vincent Brown radio programme, Mr Quigley said he was not disappointed with the response to date.
"The history of tax schemes of whatever variety in this country and the history of ordinary common sense is people largely don't pay until the deadline is there," he said.
"We know from the phone calls we are getting on our hotline and we know from the seminars we are holding around the country that there is a lot of interest and we fully expect there will be significant payment.
"But we are reminding people that there is no auto-pilot here. Work has to be done, estimates have to be prepared and if people want to get the benefit of what is on offer before November 15th they must come in now," he said.
Bogus account holders failing to make a full disclosure by the deadline risked criminal prosecution, he said.