Richard Bruton (Dublin North Central, Fine Gael)
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Question 169: To ask the Minister for Finance if he will clarify the terms of the early declaration of tax liability invited by the Revenue Commissioners before 15 September 2008; if the taxes that will be payable are different from standard early disclosers; and the interest and penalties which apply to them. [22493/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am advised that the voluntary disclosure initiative recently announced by the Revenue Commissioners relates to persons who, at any time in 2005, 2006 or 2007, held in aggregate €100,000 or more in accounts which are now subject to the new interest reporting regulations and who have undeclared tax liabilities associated with these funds. These persons have an opportunity to obtain the benefits of a voluntary disclosure, which include substantial mitigation of penalties, non-publication in Iris Oifigiúil and non-prosecution. In order to avail of these benefits a Notice of Intention to make a voluntary disclosure must be submitted by 15 September 2008 and a submission accompanied by full payment of the outstanding liabilities must be made by 15 January 2009.

In general, the amounts payable are in accordance with Revenue's Code of Practice for Revenue Auditors, e.g. the penalties that will be applied will be 10% of the taxes owing but statutory interest will also be applied. Further information relating to this initiative is set out in a series of Frequently Answered Questions posted on the Revenue website www.revenue.ie.