The Finance Act, 2020 introduced the Voluntary Tax Disclosure Program (VTDP) which allowed non-compliant taxpayers to disclose undeclared taxes, for the last five years prior to 1st July 2020, for the purpose of being granted relief of any attributable penalties and interest.

The VTDP took effect from 1st January 2021 and runs until 31st December 2023. A number of taxpayers have already started taking advantage of the program to streamline their tax affairs.  The program promises to grant successful applicants a percentage remission of interest