Irish tax amnesty under fire
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.DUBLIN - An amnesty to allow holders of illegal overseas accounts to return funds home has come under fierce attack as 'a reward for social criminals', writes Alan Murdoch.
The government hopes to recover Ir pounds 300m (pounds 298m) from the estimated Ir pounds 2bn thought to be in accounts set up in breach of exchange control regulations in 1991 by allowing those who repatriate funds for domestic investment to pay only 15 per cent tax.
This extra income will allow the government to drop a controversial special 1 per cent income tax levy imposed in the budget in February, which lifted the aggregate top rate - including social insurance levies - to 57 per cent on income over Ir pounds 10,900.
The one-off deal follows the spectacular success of a 1988 amnesty on overdue domestic tax and interest debts. Expected to bring in Ir pounds 100m, it yielded more than Ir pounds 500m.
Eddie Browne, general president of Siptu, Ireland's largest union, called the move 'a tax break for tax dodgers, a reward for social criminals'. Ivan Yates, finance spokesman of Fine Gael, the main opposition party, said: 'It shows contempt for those who respect the system.'
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments