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Thread: Revenue doing a trawl of foreign Bank transfers going back to 1998?

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    Default Revenue doing a trawl of foreign Bank transfers going back to 1998?

    An association I work with makes an annual transfer to headquarters in Switzerland each year.

    This week a letter arrived from our bank stating

    "The revenue Commissioners are currently conducting a review of transactions made by Irish residents with off shore financial institutions, specifically where money was transferred to or from the jurisdictions of Switzerland, Lichtenstein, the Isle of Man, jersey and Guernsey."
    The letter goes on to state that the Bank "was ordered by the High Court to hand over specific information concerning customer falling within the scope of the order" in December 2009.

    They state that they are obliged to hand relevant over information on customers in the following timescale:
    • Transactions for 1/1/07- 31/12/08 must be handed over by 30 September 2010

    • Transactions for 1/1/05- 31/12/06 must be handed over by 31 December 2010

    • Transactions for 14/4/98 - 31/12/04 must be handed over by 31 July 2011
    Concerned persons may apply to the High court about this procedure, and the relevant details are given on how to go about this.

    The association I'm working with has nothing to worry about, but will there be significant consternation among the "respect your betters" class, especially with the order relating to transfers going back to 1998 which falls due next year?

    My prediction: expect "developments"
    “A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living” R. Steiner

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    The State is not entitled to know about someone's private banking affairs in another sovereign nation.

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    Quote Originally Posted by firefighter View Post
    The State is not entitled to know about someone's private banking affairs in another sovereign nation.
    Apparently, (according to the order) they are if you're transferring money in or out of this state.


    edit: for the legal minded, the legislation quoted is: Section 908 of the Taxes Consolidation Act 1997 (as substituted by section 207 (1) of the Finances Act 1999)
    “A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living” R. Steiner

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    Revenue have few choices but to go after the middle and uppermiddle classes for money. Chasing failed businesses and the now unemployed self employed is not always worth the trouble and expense. Go after the guys who made the cream during the boom time and moved it overseas for un-ethical reasons.

    I do however, wonder what they can do to these people if they are found to have been evading tax. The money is overseas. How can revenue make them pay any taxes due.

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    And what is this going to achieve? Keeping the Anglo furnace going?
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Politics.ie Member Squire Allworthy's Avatar
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    Quote Originally Posted by Paddythai View Post
    Revenue have few choices but to go after the middle and uppermiddle classes for money. Chasing failed businesses and the now unemployed self employed is not always worth the trouble and expense. Go after the guys who made the cream during the boom time and moved it overseas for un-ethical reasons.

    I do however, wonder what they can do to these people if they are found to have been evading tax. The money is overseas. How can revenue make them pay any taxes due.

    They will only catch the fools or lazy. There are often reciprocal agreements between countries on such matters. Anyone transferring money out of a bank in jurisdiction A into their account in Jurisdiction B where they want to hide it must have the IQ of an earth worm. Even better many who do so have assets remaining in jurisdiction A.

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    Politics.ie Member Libero's Avatar
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    Quote Originally Posted by firefighter View Post
    The State is not entitled to know about someone's private banking affairs in another sovereign nation.
    Legally, it is.

    Quote Originally Posted by Paddythai
    I do however, wonder what they can do to these people if they are found to have been evading tax. The money is overseas. How can revenue make them pay any taxes due.
    Bring a prosecution?

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    'Bring a prosecution?'

    But the Judicial system has not taken too many of our wealthy elite to court for tax evasion in the past. Where they have taken people to court few cases are successful.

    I agree that only the lazy and foolish will have openly moved money abroad. The clever people will have moved money in more complex methods and will maybe never be found out.

  9. #9

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    Quote Originally Posted by firefighter View Post
    The State is not entitled to know about someone's private banking affairs in another sovereign nation.
    Wrong

    The state is perfectly entitled to do so.

  10. #10

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    Quote Originally Posted by Paddythai View Post
    Revenue have few choices but to go after the middle and uppermiddle classes for money. Chasing failed businesses and the now unemployed self employed is not always worth the trouble and expense. Go after the guys who made the cream during the boom time and moved it overseas for un-ethical reasons.

    I do however, wonder what they can do to these people if they are found to have been evading tax. The money is overseas. How can revenue make them pay any taxes due.
    It is surprisingly easy to chase money down overseas even collect it.

    As for making them pay any tax due well they are still citizens of the state so easy enough to tackle that.

    As for moving abroad the Rev Commissioners plus every other EU Govt are happily supplying details to each other where tax evasion is suspected because Irish citizens going to Spain to avoid tax plus German citizens doing similar will also have Spanish and others doing the opposite.

    Lots of unpaid tax out there and Govt happily cooperate on a quid pro qup basis.

    Anybody who has undeclared property in Spain or elsewhere should be aware of this as well.

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