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So far there has been a small response to an official tax amnesty, say experts.
A leading accountant has told the BBC that the number of people responding to the Revenues amnesty is "much less than anticipated".
Chris Oates, partner in tax risk management at Ernst & Young, said: "The contacts I have across the major accountancy firms indicate that just a few hundred people have actually notified the Revenue that there is tax to pay.
"For many, there is not much of an incentive here to come forwards."
Several accountants at other companies confirmed that there had been a small response to the amnesty.
Under the terms of the scheme, people have until June 22nd to admit to owing tax on any savings in offshore bank accounts. If they come forward before then they will have to repay any tax and interest, as well as a ten per cent fine.
The Revenue have emphasised that people involved in offshore banking who fail to respond will have their finances investigated. The punishment in this instance could be a large fine and possibly criminal prosecution.
The Revenue has said it had received a "steady" response and that it expected a "deluge" in the last few days before the deadline. However, it refused to reveal how many people had approached it so far.
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