Overseas earnings targeted in clampdown on tax evasion

People earning money abroad from selling property, dividends, and investments will automatically be made known to the Irish tax authorities under proposals from the European Commission, similar to the US Foreign Accounts Tax Act (FATCA) rules.

And the Government was urged to move ahead with a common EU corporation tax base, as it would tackle the issue of transfer pricing by companies — one of the issues that makes Ireland so attractive to multinationals.

The proposals are part of the major drive for governments to collect as much as possible of the estimated €1 trillion they are missing out on through tax evasion and fraud, which is due to be a major topic at next week’s G8 meeting in Northern Ireland.