Tax plan extended to credit unions

THE Revenue Commissioners have extended their voluntary disclosure for undisclosed income or funds held in banks and building societies to credit unions.

The Irish League of Credit Unions (ILCU) has informed affiliated unions: “In the interests of fairness, the Revenue Commissioners are now offering the same facility to credit union members who may have tax issues and who have or had in excess of €100,000 in a credit union between 2005 and 2008.

“The rationale for this is that these members may be reported in March 2010. And they are being given a chance to make a voluntary declaration before such areport is made. They may then qualify for reduced penalties, non-publication and non prosecution.”