Minister for Finance Bertie Ahern announces amnesty before regulations come into force for tax noncompliance.
The Fianna Fáil Progressive Democrat coalition is to introduce a tax amnesty. The hope is that the legislation will bring in finance to help ease some of the budgetary challenges facing the government.
In addition to the controversial amnesty for so-called hot money stashed away in illegal accounts here and overseas, there's also to be a general amnesty for all those with outstanding tax liabilities.
Under the hot money amnesty a 15 per cent levy will be applied to those who make a full disclosure of their tax affairs. The general amnesty waves interest and penalties on unpaid taxes but full tax rates will be applied.
Bertie Ahern says that those who have been non-compliant with tax payments can make their declarations by 30 November before new tax regulations come into effect. The legislation also changes how the Revenue Commissioners can get access to the accounts of suspected tax evaders. Financial institutions which refuse to reveal account details will face penalties of up to £15,000 and a further fine of £2,000 for each day of non-compliance.
An RTÉ News report broadcast on 28 June 1993. The reporter is Donal Kelly.
