Dáil Éireann Debate, Wednesday - 30 November 2016
54. Deputy Mattie McGrath asked the Minister for Finance the reason companies and vulture funds that submitted an incorrect self-assessment under section 110 cannot be pursued for outstanding revenue; the reason anti-avoidance measures have not been applied by the Revenue Commissioners to bring such measures into the tax net; and if he will make a statement on the matter. [37906/16]
View answerI am advised by Revenue that in the event that an incorrect self assessment by a section 110 company is identified by Revenue, the taxpayer will be pursued for any tax liabilities that arise together with any interest and penalties.
In Section 22 of the 2016 Finance Bill I have brought forward changes as to how section 110 companies are taxed. These changes, which are effective from 6 September 2016, ensure that Irish corporation tax will arise on company profits from Irish property related distressed debt. Until these changes were brought forward there was no provision within the Taxes Consolidation Act which could have been used by Revenue to bring such income within the Irish tax net.
