Fiona Reddan has an article in todays Irish Times where she is quoting Revenue about the scale of the transfer of deposits out of the jurisdiction which presumably has been revealed b the minority of people who file a tax return.
What did she mean when she says:
"..Taxpayers filing on a self-assessed basis must disclose data on foreign bank accounts, as interest earned is subject to income tax, rather than deposit interest retention tax, as is the case with domestic deposits. The figures above do not include PAYE taxpayers, who may have declared their foreign bank holdings through a local tax office.."
Is anybody aware of what this declaration [the local tax office declaration] referred to above or is this a case of a mistake as in as 1m+ PAYE taxpayers DO NOT file a return that this element of her story is er .. a fiction as its a new one to me.
What did she mean when she says:
"..Taxpayers filing on a self-assessed basis must disclose data on foreign bank accounts, as interest earned is subject to income tax, rather than deposit interest retention tax, as is the case with domestic deposits. The figures above do not include PAYE taxpayers, who may have declared their foreign bank holdings through a local tax office.."
Is anybody aware of what this declaration [the local tax office declaration] referred to above or is this a case of a mistake as in as 1m+ PAYE taxpayers DO NOT file a return that this element of her story is er .. a fiction as its a new one to me.