Joint Committee on Finance, Public Expenditure and Reform and Taoiseach to discuss use of section 110/special purpose entities by Russian firms with Prof Jim Stewart

The meeting at 1.30pm in Committee Room 3 of Leinster House will hear from Professor Jim Stewart of Trinity College, Dublin.

Speaking ahead of the meeting, Committee Cathaoirleach Deputy John McGuinness said: “The Russian invasion of Ukraine and the sanctions imposed on Russia and Russian entities as a consequence have highlighted the issue of Section 110 and special purpose vehicles in Ireland which are controlled by Russian firms. These entities give considerable tax benefits to their owners and in 2021 had some £36 billion in assets, according to figures from the Central Bank of Ireland.

“Professor Stewart is known for his research and expertise in the areas of corporate tax, shadow banking and regulation of financial firms. The Committee looks forward to engaging with him on issues around the Russian use of these S110 vehicles in order to better understand how much Russian money and assets are held in Ireland and how this can be sanctioned as a part of the Irish and EU response to Russia’s war on Ukraine.”

The Joint Committee on Finance, Public Expenditure and Reform and Taoiseach has 13 Members, nine from the Dáil and four from the Seanad.

The meeting in Committee Room 3 can be viewed live on Oireachtas TV.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.