Revenue to reduce tax penalties for those who declare offshore accounts

Those voluntarily declaring such accounts will see mandatory penalty reduced from 15 per cent to 3 per cent

A Revenue spokeswoman said the changes in the Finance Bill before the Dáil were designed to encourage “voluntary compliance” among people who previously had “no incentive” to come forward. Picture: Feargal Ward

The Revenue Commissioners are to reduce the tax penalties for holders of secret offshore accounts who come forward voluntarily.

It gathered more than €130 million from its investigation into the Ansbacher offshore accounts in the early 2000s, but the haul from offshore accounts has dwindled to just €1 million last year.

Under the current legislation, any offshore account holder faces mandatory penalties of at least 15 per cent even if they fully cooperate with the ...