Vulture funds paying only €250 in tax a year as they make millions in profits

PO'Neill

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"There is a strong culture of tax compliance," FG's Bruton incredibly said in reply to questions about vulture funds paying as little as €250 a year while they make tens of millions of profits. We shouldn't be surprised as his predecessor Noonan was all praise of the vulture funds as it's FG policy to cater to tax cheating for corporations and their wealthy chums like Denis O'Brien etc

"Vulture funds which deal in tens of millions of euro are paying as little as €250 per year in tax, the Dáil has heard...... Mr Bruton pointed out the Revenue Commissioners had very strong powers to pursue abuse and "to put those designing schemes that might be anticipating abuses under threat as well. There is a strong culture of tax compliance," Mr Bruton said.
Vulture funds 'pay as little as €250 tax'

So folks, is their a country in the developed world that determinedly undermines it's own finances as our wee gombeen state ?
 


gleeful

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I think the OP's title is wrong. These companies don't make any profit in Ireland. They hold millions of euro of assets, not profit.
 

Prester Jim

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What is the benefit to the taxpayer of these vulture funds being able to behave in this way?I can't think of a more unfair and inefficient way to run the affairs of state than this. The only logical explanations are either:
1. the finance dept and ministers are pure freemarket idealists and they treat the free market like a religion, the benefits are all supposed to be taken on faith as the evidence is that freemarket-liberalism works only a tiny few.
2. They just think that the rich should get richer, it doesn't matter if it is Irish rich or international jet-set rich, just rich.
 
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Dame_Enda

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More evidence of what I call FG's feudalisation of the Irish economy. In Ancien Regime France, the nobility paid hardly any tax while the peasants were crushed by it. When VAT is taken into account the poor are still crushed by tax. A second element of feudalism is that the aristocracy control the peasants through landlordism.
 
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gleeful

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Watcher2

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Ireland has never taxed profits booked in another country. This is really economics 101.

If revenue did start taxing assets your pension and savings account would be on the chopping block. Not sure the public would like that.
Oh, so nothing to see, nothing has been talked about and there was no "loophole" that even Noonan recognised denied the state tax revenue that should otherwise have been levied?

Keep drinking the cool aid ya gobshyte but stop peddling your Shyte.
 

He3

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Something something incentive
 

bokuden

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Lumpy Talbot

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No
Vulture funds by their very nature and existence avoid holding assets or profits in a taxable jurisdiction.

Noonan and Bruton will be well aware of that. Hedgefunds, private equity funds, pension funds, venture capital funds are invariably offshored to the Cayman Islands and Bahamas and so on.

The only thing they'll be exposed to in 'onshore' jurisdictions will be a small subsidiary which covers office costs, staff salaries for the backroom geeks and the photocopier lease.
 

Ardillaun

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Ireland has never taxed profits booked in another country. This is really economics 101.

If revenue did start taxing assets your pension and savings account would be on the chopping block. Not sure the public would like that.
These 'vehicles' sound dodgy to me.

Here are some lads on another website who also look like they have misconstrued the purpose of these tax-efficient enterprises. You should put them right too:

http://www.thepropertypin.com/viewtopic.php?f=4&t=66282
 
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