Tuesday October 27, 2020

Nama developers exploit loophole to avoid millions in tax

Property developers with Nama-bound loans are enjoying multimillion-euro benefits by exploiting a loophole that allows them to claim tax deductions on interest payments even if they are not making the payments to their banks.

23rd October, 2010

Property developers with Nama-bound loans are enjoying multimillion-euro benefits by exploiting a loophole that allows them to claim tax deductions on interest payments even if they are not making the payments to their banks.

This could, in effect, create a double whammy for the taxpayer if the loan is from a state-owned lender, such as Anglo Irish Bank or Irish Nationwide.

The state would be forgoing interest income from the borrower and also losing out...

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