Fianna Fáil Spokesperson on Finance Michael McGrath has said his party will support measures to end aggressive tax avoidance by vulture funds.
Deputy McGrath was responding to reports in the media today that vulture funds making multi-million euro profits in Ireland are only paying €250 in tax to the Revenue.
Deputy McGrath said, “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.
“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.”