Sunday July 5, 2020

Penalties can reach 100 per cent of tax liability

If you have a tax liability and have not come forward, you run the risk of incurring substantial penalties if Revenue uncovers your ‘hot money' during its investigation.

25th June, 2005

If you have a tax liability and have not come forward, you run the risk of incurring substantial penalties if Revenue uncovers your ‘hot money' during its investigation. You also risk being ‘named and shamed' and prosecuted.

Penalties for not coming forward during a Revenue investigation vary, depending on the reasons for failing to do so. The size of the penalty is based on a percentage of the unpaid tax.

Anyone who deliberately...

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