Voluntary disclosure is a process whereby a taxpayer voluntarily reports undeclared assets or income to the tax authorities. When done for the first time, on the taxpayer’s own initiative, and where the relevant information was not previously known to the tax authorities, it allows the taxpayer to avoid a penalty for tax evasion. The taxpayer remains, however, obligated to pay the taxes owed as well as late payment interest, and must cooperate fully with the tax authorities.