Menu
25/07/2016
FF Commits To Tackling Tax Avoidance By Vulture Funds
Fianna Fáil has committed to support measures to end aggressive tax avoidance by vulture funds, the party's Spokesperson on Finance, Michael McGrath, has said.
Deputy McGrath made the announcement following media reports on Sunday that claimed vulture funds making multi-million euro profits in Ireland are only paying €250 in tax to the Revenue.
"It is bad enough that the previous government rolled out the red carpet for these funds to buy thousands of business and mortgage loans at knock down prices but we now discover they are legally using what can only be described as a loophole in the tax law to effectively avoid paying any tax in Ireland. This news will rub salt into the wounds of those who have had their business or personal loans sold from under their feet to these funds," Deputy McGrath said.
"I welcome the fact that the Department of Finance and the Revenue are now investigating this matter. Fianna Fáil will support any measure to close this loophole and ensure that these funds pay their fair share of tax in this State. It is my view that the Department of Finance should not wait until the Finance Bill later in the year to address this issue. Legislation should be prepared immediately to deal with this and the Oireachtas recalled during the summer if necessary to enact the required legislation."
(MH/LM)
Deputy McGrath made the announcement following media reports on Sunday that claimed vulture funds making multi-million euro profits in Ireland are only paying €250 in tax to the Revenue.
"It is bad enough that the previous government rolled out the red carpet for these funds to buy thousands of business and mortgage loans at knock down prices but we now discover they are legally using what can only be described as a loophole in the tax law to effectively avoid paying any tax in Ireland. This news will rub salt into the wounds of those who have had their business or personal loans sold from under their feet to these funds," Deputy McGrath said.
"I welcome the fact that the Department of Finance and the Revenue are now investigating this matter. Fianna Fáil will support any measure to close this loophole and ensure that these funds pay their fair share of tax in this State. It is my view that the Department of Finance should not wait until the Finance Bill later in the year to address this issue. Legislation should be prepared immediately to deal with this and the Oireachtas recalled during the summer if necessary to enact the required legislation."
(MH/LM)
Related Irish News Stories
Click here for the latest headlines.
26 May 2009
No More Income Tax Hikes, Claims Lenihan
The Finance Minister Brian Lenihan has said there will be no further income tax increases this year. The vow comes only a month after the Government doubled the income levies in the emergency budget. Despite the assurances, Mr Lenihan has confirmed that a property tax and a carbon tax were being considered.
No More Income Tax Hikes, Claims Lenihan
The Finance Minister Brian Lenihan has said there will be no further income tax increases this year. The vow comes only a month after the Government doubled the income levies in the emergency budget. Despite the assurances, Mr Lenihan has confirmed that a property tax and a carbon tax were being considered.
19 February 2019
Urgent Action Needed On Outstanding Tax Payments Of €4.3bn
Labour has called for urgent action on outstanding tax payments of €4.3 billion owed to Revenue as of 31 January, 2019. According to Labour Finance spokesperson Joan Burton, a total of €969m is immediately available for collection and would make a significant difference to public services.
Urgent Action Needed On Outstanding Tax Payments Of €4.3bn
Labour has called for urgent action on outstanding tax payments of €4.3 billion owed to Revenue as of 31 January, 2019. According to Labour Finance spokesperson Joan Burton, a total of €969m is immediately available for collection and would make a significant difference to public services.
11 November 2016
Concerns Raised Over Impact Of Trump's Tax Plans On Ireland
Concerns have been raised over the impact of US President-Elect Donald Trump's plans to reduce American corporation tax to 15%. Sinn Féin and Labour have both called on the Government to address concerns over the impact such a tax policy could have on Ireland.
Concerns Raised Over Impact Of Trump's Tax Plans On Ireland
Concerns have been raised over the impact of US President-Elect Donald Trump's plans to reduce American corporation tax to 15%. Sinn Féin and Labour have both called on the Government to address concerns over the impact such a tax policy could have on Ireland.
21 August 2015
Entrepreneurs And The Self-Employed 'Deserve Tax Standardisation' - FG
Entrepreneurs and self-employed people in Ireland "deserve tax standardisation", Fine Gael has said. Fine Gael TD for Meath West, Ray Butler, made the comments following the news that the Department of Finance is to review of the taxation of entrepreneurs and the self-employed in Ireland.
Entrepreneurs And The Self-Employed 'Deserve Tax Standardisation' - FG
Entrepreneurs and self-employed people in Ireland "deserve tax standardisation", Fine Gael has said. Fine Gael TD for Meath West, Ray Butler, made the comments following the news that the Department of Finance is to review of the taxation of entrepreneurs and the self-employed in Ireland.
05 September 2014
Wealthier Local Areas To Top-Up Lower Tax Bases
80% of of Local Property Tax is to be kept by councils to fund public services, with 20% being re-distributed to top up funding to those areas with lower tax bases, under new rules announced by the Department of the Environment for 2015.
Wealthier Local Areas To Top-Up Lower Tax Bases
80% of of Local Property Tax is to be kept by councils to fund public services, with 20% being re-distributed to top up funding to those areas with lower tax bases, under new rules announced by the Department of the Environment for 2015.
-
Ireland WeatherThis Evening and Tonight:This evening will be dry. The rest of the night will remain dry with variable amounts of cloud and some clear periods. Light southwesterly winds. Minimum temperature 10 °C.
