13 Oct 2016
Minister for Finance Michael Noonan has taken aim at the use of offshore accounts to avoid tax, pledging to make it a criminal offence for individuals who fail to disclose accounts or other assets held in tax havens from next year.
“The release of the so-called Panama Papers earlier this year showed how defaulters use offshore structures and accounts to avoid paying tax,” Mr Noonan told the Dáil as he unveiled the budget, referring to the leaking of 11.5 million documents this year showing how wealthy individuals and public officials have been able to keep personal financial information private.
Mr Noonan said he would act to restrict the opportunity for offshore defaulters to use the voluntary disclosure regime with effect from May 2017.
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