Undeclared Foreign Income Deadline

A. In order to avail of the preferential treatment of a “voluntary disclosure” Revenue need to be made aware of any undeclared foreign income before May 4th.

The benefits of approaching Revenue before this deadline are threefold; you pay lower penalties; your name is not published in the quarterly list of tax defaulters; you avoid the prospect of criminal prosecution.

You need to work with your accountant to quantify what tax liabilities including interest and penalties are due as a result of this undeclared income. Once this has been quantified a disclosure form, which your accountant will be able to complete on your behalf, should be submitted to Revenue in advance of the deadline.

Date published 25 Apr 2017

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.