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New measures to combat offshore accounts

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Irish people with off-shore bank accounts could be looking at jail time.

From next May it will be a 'criminal offence' to keep more than 100-thousand Euro outside the country.

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The plans were announced in Tuesday's Budget and will be explained in next Thursday's Finance Bill.

According to the Irish Examiner up to two-thirds of those who use self-assessment for their taxes underpay each year.

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