Foreign assets boost tax receipts

The tax office’s campaign to track down undeclared money and property abroad generated €391m for the treasury over the past five years, the finance ministry confirmed on Saturday. Some 7,400 people with illicit savings were found and a further 4,100 people reported their foreign assets voluntarily.

Those who had tried to hide illegal savings, houses and boats faced fines and a tax bill. People who volunteered the information only have to pay the tax due.

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