Irish Revenue expects to find €40m offshore

(Irish Times): The Revenue Commissioners expect to collect up to €40 million by the end of this year from special investigations into trusts and offshore structures which have been used to evade tax. Officials are investigating at least 1,133 cases in jurisdictions such as Jersey, Switzerland, Liechtenstein and the Cayman Islands where trusts may have been used to keep funds out of the Revenue’s sight. Many of these funds were designed to create the impression that the non-resident trustees or entities are the owners of the funds, concealing the identities of the Irish beneficiaries.

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