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Undeclared Offshore Assets

Undeclared Offshore Assets

Undeclared assets, bank accounts, rental properties held abroad

As and from 1 May 2017, it will no longer be possible to obtain reduced penalties on any undeclared tax relating by doing a voluntary disclosure to Revenue where is relates to a:

• an account / asset held in a foreign country or territory; – for example off-shore deposit account
• income or gains arising from a source in a foreign country; for example foreign dividends
• property situated in a foreign country or territory other than the State; for example rental property

Penalties will go up from 10% normally to 100% on any disclosures made after 1st May 2017.

Any queries please do not hesitate to contact us on 091 763817 or email me at oliver@taxreturnhelp.ie

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