Exchequer expects windfall from undeclared-tax crackdown

The Revenue Commissioners expect a late flood of inquiries today ahead of its Monday deadline for the latest voluntary disclosure scheme on undeclared tax.

More than 4,000 inquires have come from the public so far with more than 100 a day received this week.

The scheme covers those who failed to declare large sums of interest earned on investments and deposits in 2005 and 2006.

Under new legislation the financial institution such as banks, post offices and building societies must pass on information on account holders to the Revenue.

Those who make the voluntary declarations have until January 15, 2009 to pay the outstanding tax.

This latest amnesty is expected to yield several million euro for the Exchequer rather than the billions recovered from previous voluntary disclosure schemes and investigations.