Revenue receives additional €9m tax settlements as deadline approaches

Payments made in advance of Tax-Avoidance Settlement Opportunity deadline

The Revenue Commissioners has said it received an additional €9 million in tax settlements last week. The payments in advance of the Tax-Avoidance Settlement Opportunity deadline doubled in the last week, as the June 30th deadline approaches.

Legislation contained in the Finance Act 2014 provides an opportunity for taxpayers who engaged in tax-avoidance transactions on or before October 23rd, 2014, to settle with Revenue.

Those who have engaged in tax avoidance and who do not avail of the settlement opportunity by June 30th next will be pursued through the courts, Revenue said.

The tax authorities said 20 disclosures have already been made and about €7 million in tax and interest has been paid.

Revenue chairman Niall Cody said time is running out for those who wish to avail of the settlement opportunity contained in the Finance Act 2014 with less than three weeks until the deadline.

“It is clear from the level of activity this week that some taxpayers and their advisers have come to realise the benefits of this settlement opportunity,” he said.

Under the legislation a taxpayer who makes a qualifying disclosure gets a 20 per cent reduction in the interest otherwise payable and no surcharge applies. The settlement opportunity applies to transactions which were started on or before the publication of the Finance Bill on October 23rd, 2014.