Revenue studies banks’ write-offs

Banks face the prospect of being stripped of tax credits worth hundreds of millions of euro relating to their bad debts, following a decision by the Revenue Commissioners to begin a detailed assessment of their loan write-offs.

8th May, 2010

Banks face the prospect of being stripped of tax credits worth hundreds of millions of euro relating to their bad debts, following a decision by the Revenue Commissioners to begin a detailed assessment of their loan write-offs.

Revenue has confirmed that it is investigating loan writeoffs across the banking sector.

The investigation may result in banks being prevented from offsetting certain loan losses from the last two years against profits generated in future years.

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