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
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 Revenue.
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