The Revenue Commissioners are preparing for a major clampdown on offshore tax evasion.

Under new agreements, Revenue will soon have access to the details of overseas accounts held by Irish tax payers.

The arrangement comes into effect from next year.

It includes countries previously accused of being tax havens, including Panama, the Cayman Islands and Switzerland.

According to a report in today’s Irish Times, Revenue has warned that time is running out for people hiding money overseas.