Revenue probe banks €500m from tax dodgers

THOUSANDS of tax dodgers who held illegal offshore accounts have paid half a billion euro in fines and penalties to the Revenue Commissioners — with one individual hit with a €7 million bill.

In the first phase of its new tax evasion investigation, Revenue said 15,000 individuals had come forward to make a voluntary settlement. So far, it had received €500m from 11,000 of them.

Revenue launched the probe in February after telling the 10 main banks to write to some 100,000 customers who held overseas accounts advising them they may have tax issues.