A new "strict liability criminal offence" to prosecute serious cases of tax evasion has been announced by Finance Minister Michael Noonan in his Budget 2017 speech, writes Elaine Loughlin.

Mr Noonan has also announced an extra €5m for the Revenue Commissioners to allow them recruit 50 additional staff to tackle tax evasion.

Speaking in the Dáil Mr Noonan said: "The release of the so-called 'Panama Papers' earlier this year showed how defaulters use offshore structures and accounts to avoid paying tax."

He said that the Revenue Commissioners have a "difficult but necessary job".

He added that it is a role that they "perform very well but from time-to-time as tax evasion evolves and tax issues become evident, the Revenue Commissioners seek additional power and resources.

"In the Finance Bill, I will act to restrict the opportunity for offshore defaulters to use to voluntary disclosures regime with effect from May next year, and I will introduce a new strict liability criminal offence to facilitate the prosecution of serious cases of offshore tax evasion," Mr Noonan said.