• Due to a glitch in the old vBulletin software, some users were "banned" when they tried to change their passwords at the end of February. This does not apply after the site was converted to Xenforo. If you were affected by this, please contact us.




Vulture funds using charity status to avoid BILLIONS in taxation.

firefly123

Well-known member
Joined
Dec 8, 2009
Messages
28,229
So while we all lose our lives over a few hundred thousand being squirreled away in Console it appears vulture funds are using children's charity status to deprive the state of billions (legally). Stephen Donnelly from the Social Democrats was on RTE radio about half an hour ago discussing it.
If we manage to expose this and nip it in the bud then Donnelly has truly done the state some service. I'm starting to like the social Democrats more and more.

Social Democrats TD Stephen Donnelly claimed that vulture funds “are about to pull off the largest avoidance of tax on Irish profits in the history of the State”.
He said “the scale is likely to be in the tens of billions of euro in missed taxes” on profits “earned off the backs of distressed Irish families”, through the purchase of distressed mortgage loan book portfolios.
The Wicklow TD claimed that “the level of taxes being missed by the Irish State is likely to be well over half of the total value of all of the distressed loan books sold by Nama, IBRC and private banks”.
Vulture funds using charities to avoid paying tax, says Donnelly

Mr Donnelly said Mars Capital, an Irish subsidiary of a US vulture fund, was owned by a registered charity, the Matheson Foundation, which may own up to 200 companies.
The Matheson Foundation contributes to the Irish Society for the Prevention of Cruelty to Children, Barnardos and Temple Street hospital.
In its first year of operation, Mr Donnelly said Matheson paid €250 in total corporation tax to the Irish State, despite annual revenues of €14 million,
Companies such as Mars Capital are known as section 10 companies. Mr Donnelly said section 10 was introduced in 1997 to allow global companies to structure global assets in Ireland and avoid paying tax.
Could they be any more scumbaggish really? I imagine that all board meetings end with maniacal laughter and a Virgin sacrifice to their dark gods.


The Tanaiste is now investigating the matter after the rock has been lifted and everyone is scurrying around like woodlice.
 
Last edited:


Spanner Island

Well-known member
Joined
Feb 22, 2011
Messages
24,203
So while we all lose our lives over a few hundred thousand being squirreled away in Console it appears vulture funds are using children's charity status to deprive the state of billions (legally). Stephen Donnelly from the Social Democrats was on RTE radio about half an hour ago discussing it.
If we manage to expose this and nip it in the bud then Donnelly has truly done the state some service. I'm starting to like the social Democrats more and more.

Vulture funds using charities to avoid paying tax, says Donnelly
The SDs are closer to what I'd like to see than any other party.

Any party that prioritises cleaning up the sh!t and who focus on transparency, accountability and punitive consequences for crooks and cheats will get my vote.

I'm convinced if these things were done then a lot of the sh!t we tolerate simply wouldn't happen.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,513
Well so they say anyway.

3 seats and no leader.

Revenue will have a field day with these Vulture Funds.
 

Jack Walsh

Well-known member
Joined
Jun 26, 2015
Messages
9,726
"Could they be any more scumbaggish really? I imagine that all board meetings end with maniacal laughter and a Virgin sacrifice to their dark gods."

No the biggest laugh at their board meetings was a few months ago when they announced they would be making 400 million from the loan portfolio they "bought" off Baldy and NAMA for just 144 million barely a year earlier.

Amoral scum, ideal bedfellows with current FG

BTW
Correct on Console
Nation gets convulsed with a nickel and dime greed merchant while billions of tax payers funds are filched from us all perfectly legally and in fact cheerled by FG.
 

Spanner Island

Well-known member
Joined
Feb 22, 2011
Messages
24,203
Could they be any more scumbaggish really? I imagine that all board meetings end with maniacal laughter and a Virgin sacrifice to their dark gods.
Problably not. I hope things are going to come to a head globally for these c***s once and for all.

Solutions must be global though. No point in individual countries trying to solve this although they certainly shouldn't accommodate it.

The Tanaiste is now investigating the matter after the rock has been lifted and everyone is scurrying around like woodlice.
Unfortunately in Ireland this means little.

If it was America and it was the FBI there might be some hope... but an Irish Tanaiste... investigating any matter... more likely to result in sweet f*** all than seeing any punitive consequences for the scumbags.
 

Jack Walsh

Well-known member
Joined
Jun 26, 2015
Messages
9,726
Well so they say anyway.

3 seats and no leader.

Revenue will have a field day with these Vulture Funds.
No leader would be better than the joke ye have.

As for Revenue having a field day with these guys?
By a field day I assume you mean working closely with them to see if they can come up with any further scams to filch money out of the country.
 

Spanner Island

Well-known member
Joined
Feb 22, 2011
Messages
24,203
"Could they be any more scumbaggish really? I imagine that all board meetings end with maniacal laughter and a Virgin sacrifice to their dark gods."

No the biggest laugh at their board meetings was a few months ago when they announced they would be making 400 million from the loan portfolio they "bought" off Baldy and NAMA for just 144 million barely a year earlier.

Amoral scum, ideal bedfellows with current FG

BTW
Correct on Console
Nation gets convulsed with a nickel and dime greed merchant while billions of tax payers funds are filched from us all perfectly legally and in fact cheerled by FG.
Well now there's your problem right there - rules, regs and laws that are rigged in favour of scumbags so that what they do isn't illegal despite much of it being totally immoral.

They should be illegal however, and the the focus needs to be on changing laws and hammering these f***ers and making it an issue for our lazy arsed politicians.

Better that than getting all hot and bothered about immoral stuff which the scumbags are facilitated in doing by bent rules, regs and laws written by their crony mates.

There is going to be a crunch point in the developed world.

It's been coming since 2008 and if the tossers in 'establishments' around the world don't get their fingers out and start addressing these things the consequences could really be dire.

People have had it with the obscenely rich being indulged at the expense of everyone else.
 
Last edited:

loner

Well-known member
Joined
Jan 9, 2005
Messages
8,174
Iheard this Dail contribution by Deputy Donnelly and am amazed that none of our investigative journalists have taken up the issue
 

eoghanacht

Well-known member
Joined
Apr 18, 2006
Messages
33,366
Don't be talking down the economy haven't we gone from a dark place to the fastest growing economy in the EZ!

What we should be doing as citizens is depositing a small donation as a thank you to the greatest Fin Min Ireland, neigh the world, has ever seen Mick Noonan, somewhere like the Isle of Man.

The several pensions, golden handshake and adjustment money etc etc don't even go near the debt or small nation owes this man..

TK Whitaker, who are ye?
 

thelimit

Well-known member
Joined
Jan 17, 2012
Messages
2,411
Well so they say anyway.

3 seats and no leader.

.
and FG with all the other seats and a FF leader

about time FG started to govern for the citizens and not for the old boys club and big business
 

firefly123

Well-known member
Joined
Dec 8, 2009
Messages
28,229
Well so they say anyway.

3 seats and no leader.

Revenue will have a field day with these Vulture Funds.
Fine Gael has 50 seats and a 'leader' yet they managed to miss this particular scam. So far the three SD guys have managed to expose a hell of a lot more haven't they?
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,513
Lets hope its thoroughly investigated by Revenue.

Where did he get his figures for Billions in taxes also.
 

Disillusioned democrat

Well-known member
Joined
Mar 16, 2010
Messages
15,837
No leader would be better than the joke ye have.

As for Revenue having a field day with these guys?
By a field day I assume you mean working closely with them to see if they can come up with any further scams to filch money out of the country.
Indeed - the government could hardly be more blatant crafting the tax legislation to favour their cronies.

The REITS are tax exempt already, some loophole was "found" in a new piece of legislation (wink, wink) that let DOB walk away tax free from his Stephen's Green flip and now this.

Let's face it - the government is NOT the honest tax payers friend. It'll be hilarious to see our government go to court against the EU to STOP Apple having to pay tax here.
 

glerp

Well-known member
Joined
Nov 10, 2011
Messages
333
Don't be talking down the economy haven't we gone from a dark place to the fastest growing economy in the EZ!

What we should be doing as citizens is depositing a small donation as a thank you to the greatest Fin Min Ireland, neigh the world, has ever seen Mick Noonan, somewhere like the Isle of Man.

The several pensions, golden handshake and adjustment money etc etc don't even go near the debt or small nation owes this man..

TK Whitaker, who are ye?
You said it!
I am sick of all these people sitting on the sidelines, cribbing and moaning.
 

gerhard dengler

Well-known member
Joined
Feb 3, 2011
Messages
47,552
If Donnelly is correct, then he has done this state some service.
As has Catherine Murphy.
I like the cut of their economic/political gib.

Unfortunately their social/cultural policies leave a hell of a lot to be desired though
 

firefly123

Well-known member
Joined
Dec 8, 2009
Messages
28,229
Lets hope its thoroughly investigated by Revenue.

Where did he get his figures for Billions in taxes also.
He got it from adding 20 million a week that is potentially being dodged over a year and then adding the years. Billions.
 

Franzoni

Well-known member
Joined
Mar 3, 2010
Messages
16,469
The SDs are closer to what I'd like to see than any other party.

Any party that prioritises cleaning up the sh!t and who focus on transparency, accountability and punitive consequences for crooks and cheats will get my vote.

I'm convinced if these things were done then a lot of the sh!t we tolerate simply wouldn't happen.
They already got my vote in the last election...

In the latest poll they are down -1% i believe...

FF 33%..... a party who have bankrupted the country twice in my lifetime and several enquiries into the conduct of some of it's members plus having a senior figure within jailed.........says it all....

The majority of people are happy with corruption...more than likely afraid if they were to vote for someone who takes these things seriously that their own little stroke will be found out and they would get their hand slapped.....

Never underestimate the self serving silence of the urbanized peasant....
 

corporal punishment

Well-known member
Joined
Nov 22, 2010
Messages
2,890
There will be phonecalls, a few secret handshakes, a few cash transactions and the whole thing will be buried.
 

New Threads

Popular Threads

Most Replies

Top