Revenue has received more than 4,000 calls from the public about its voluntary disclosure initiative on interest earned on deposits and other investments, which expires next Monday, September 15.
From that date banks, building societies, and the Post Office will be handing over details to the Revenue, including the names and addresses of anyone who earned more than €635 in interest during 2005 or 2006.
Revenue has warned that it will investigate all those who had a total of €100,000 or more in such accounts if that included funds which were not previously declared for tax purposes.
The information for 2007 has to be handed over next month. Revenue will then feed this information into its new super computer system called REAP, and use it to vigourously pursue large tax defaulters who have not opted to make a voluntary disclosure by next Monday.
Over the past week alone Revenue has received 700 calls from the public about the initiative, bringing the total number of calls since May to over 4,000. Several hundred indications of voluntary disclosure have already been lodged with the Revenue.
In addition, more than €3m has been paid in settlement by just 55 people, despite the fact that payments related to the initiative are not due until January next year.
Tax defaulters who do not avail of this voluntary disclosure initiative will be subject to higher penalties. They will also have their name published in the tax defaulters list, and could be prosecuted for tax evasion.
