Finance Act 2016 (the Act) was signed into law in late December 2016. Among the measures included in the Act was a programme specifically designed to combat offshore tax evasion by Irish taxpayers.
The new provisions will apply from 1 May 2017 to all tax payers (individuals, trusts and companies) and you have until 30 April 2017 to make your qualifying disclosure. It is recommended that all taxpayers who have income or gains arising outside of Ireland review and ensure accurate reporting of income and gains have been made.
This document looks at:
- impact of Finance Act 2016;
- what is a qualifying disclosure?;
- who is affected?;
- failure to disclose before the deadline; and
- recommended steps.