Holders of bogus non-resident accounts have until next Thursday to avail of the Revenue Commissioners' amnesty. If they disclose and pay all previously undisclosed liabilities by November 15th, the benefits are significant. The names of those who meet the deadline will not be published, and interest and penalties will be capped at 100 per cent of tax liabilities. In addition, those who come forward on time will not have to face investigation for prosecution.

This approach will change completely after the deadline. From that date, Revenue will ensure that each identified bogus account holder who has not taken the opportunity to disclose and pay voluntarily will be individually investigated.

The Revenue Commissioners will use powers given by the Finance Act 1999 to complete its list of bogus non-resident account holders. Many of them have already been identified in the course of DIRT look-back audits. You have been warned.