Revenue’s offshore evasion inquiry

Nov 20, 2017

According to an eBrief and statement on the Revenue website, a Revenue inquiry to identify offshore tax evasion and avoidance is underway.  Revenue say they are also “examining the information and revelations published in the media in relation to ‘The Paradise Papers’.” 

The eBrief states that the Revenue offshore inquiry is in the context of initiatives such as FATCA (an Inter-Governmental agreement to share financial account information with the United States), DAC (EU Directives on Administrative Co-operation), and CRS (the OECD’s Common Reporting Standard).   

The Revenue inquiry also follows the closing of the offshore disclosure opportunity which had a deadline of 4 May 2017.  Read our report in Chartered Accountants Tax News on the offshore disclosure facility. 

The Revenue statement on the inquiry may be of interest.  The Revenue eBrief No. 104/17 also reports on the inquiry.