Tax clampdown forces account holders’ hands

Just over a year ago, the Revenue Commissioners announced details of new rules that required financial institutions to make automatic returns of interest and other similar payments in a bid to crack down on people stashing undeclared income in deposi

6th June, 2009

Just over a year ago, the Revenue Commissioners announced details of new rules that required financial institutions to make automatic returns of interest and other similar payments in a bid to crack down on people stashing undeclared income in deposit accounts.

There were some initial concerns from financial institutions about the tight turnaround for supplying the relevant information and worries about possible complications in relation to data protection. However, Paul Walsh, a principal officer in...

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