DUBLIN, Ireland - About 11,000 residents of Ireland who were caught hiding huge sums overseas have paid $600 million in overdue tax and penalties under threat of legal action, Ireland's tax collection agency said Tuesday.
The Revenue Commissioners said the tax-dodgers voluntarily paid that amount in overdue taxes and penalties rather than face larger fines, seizure of assets and potential criminal prosecution.
The agency, which has probed account records of tax-haven banks from the Isle of Man to the Cayman Islands, last year wrote to more than 100,000 suspected tax evaders in Ireland and offered them the chance to admit their evasion voluntarily and pay up. The deadline for voluntary compliance was Thursday.
The Revenue Commissioners said the tax-dodgers voluntarily paid that amount in overdue taxes and penalties rather than face larger fines, seizure of assets and potential criminal prosecution.
The agency, which has probed account records of tax-haven banks from the Isle of Man to the Cayman Islands, last year wrote to more than 100,000 suspected tax evaders in Ireland and offered them the chance to admit their evasion voluntarily and pay up. The deadline for voluntary compliance was Thursday.
Source: Yahoo
