Government Hopes For Windfall Over Tax Amnesty

The government's Finance Minister is hoping the latest tax amnesty will bring in a tax windfall for his struggling cheque book.

The Revenue Commission is expecting a late flood of enquiries on Friday ahead of its Monday deadline for the latest voluntary disclosure scheme on undeclared tax.

The scheme gives breathing space for those who failed to declare large sums of interest earned on investments and deposits in 2005 and 2006, to declare now and pay later, as new legislation forces financial institutions such as banks, post offices and building societies to pass on information on account holders to the Revenue Commission.

The initiative is for people who earned more than €635 in interest on deposits and investments undeclared for tax in 2005 or 2006.

More than 4,000 inquires have come from the public so far with more than 100 a day received this week.

Those who make the voluntary declarations have until January 15, 2009 to pay the outstanding tax.

However, this latest amnesty is expected to yield several million euro for the Exchequer rather than the billions recovered from previous voluntary disclosure schemes and investigations.


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