Wednesday 22 February 2017
Ronan Daly Jermyn Tax Partner and President of the Irish Tax Institute, Mark Barrett, spoke with the Irish Times about Revenue's warning to taxpayers of offshore asset clampdown.
Revenue is sending out letters to almost 500,000 taxpayers ahead of a deadline for disclosing assets held offshore. Under recently enhanced co-operation designed to clamp down on international tax evasion, the Revenue is getting access to records held on Irish-based taxpayers by tax authorities in other countries.
And while the primary focus was to catch and/or deter large-scale tax evaders, the new rules could impact anyone with a bank account in another jurisdiction or an inherited property that is being rented out for part of the year.
“Offshore does not just mean assets or funds held in exotic locations and includes any income or assets held outside Ireland, for example a UK pension or rental income from a holiday home overseas,” - Mark Barrett
Read the full article here.