State stands to lose €30bn in corporate tax from firms offsetting losses
Under Irish tax law, companies can use trading losses to get relief from future corporation taxes, state’s spending watchdog report points out
The state could lose out on up to €30 billion in corporate taxes over the coming years as businesses use losses to offset their future tax bills.
Under Irish tax law, companies can use trading losses in an accounting period to get relief from future corporation taxes.
Almost €250 billion of accumulated losses were available for companies to offset against company profits at the end of 2021 representing a potential €30 billion reduction in corporation ...