Friday April 3, 2020

State’s bank holdings may take €400m hit in ‘tax offset’ row

The warning comes amid mounting political pressure from Fianna Fáil to reform the current system, which allows businesses avoid hefty tax bills until their historic losses are used up

5th August, 2018

Limiting banks’ ability to offset historic losses against tax could shave more than €400 million off the value of the state’s holdings in Irish lenders, the Department of Finance has warned.

The warning comes amid mounting political pressure from Fianna Fáil to reform the current system, which allows businesses avoid hefty tax bills until their historic losses are used up.

There are currently €214.6 billion in trading losses accumulated by...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader

Trial

€1

Unlimited Access for 1 Month

Then €19.99 a month after the offer period.

Get basic
*New subscribers only
You can cancel any time.

Annual

€200

€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.

Quarterly

€55

€42

90 Day Pass

You can cancel any time.

Team Pass

Get a Business Account for you and your team

Related Stories

Every time Donald Trump spoke on the Covid-19 crisis last week, the stock markets plunged by another point

Marion McKeone | 2 weeks ago

Big tech firms pledge to pay contract staff through the social-distancing period

Emmet Ryan | 2 weeks ago

Further action may be needed to prevent the Irish economy being sunk, particularly when the global economy remains vulnerable

Ian Guider | 2 weeks ago