Wednesday August 12, 2020

Account-holders move funds to avoid EU rules

Irish residents with money held outside the country have switched their funds to new locations to avoid EU rules cracking down on offshore tax evasion.

12th August, 2006

Irish residents with money held outside the country have switched their funds to new locations to avoid EU rules cracking down on offshore tax evasion.

Provisional figures from the Revenue Commissioners showed just €400,000 had been raised in taxes from Irish investors with money held in selected offshore centres, following the introduction of the EU Savings Directive, which took effect last year.

This figure is much lower than expected by tax experts, suggesting substantial funds...

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