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AN ANALYSIS OF the company filings of 15 Irish subsidiaries of global vulture funds has found that they pay just €250 a year in tax.
This is despite the companies having in their control €10.3 billion worth of loans and debt in Ireland.
In total, the 15 companies have paid just €8,000 in tax.
It is estimated that the loss to the Irish Exchequer is up to €500 million in just two years.
The analysis comes from the UCD School of Social Policy, and will feature in tomorrow night’s RTÉ programme on vulture funds, The Great Irish Sell Off.
A more comprehensive look at the research featured in this morning’s Sunday Business Post.
The data featured in the Business Post found that 24 Irish subsidiaries of so-called vulture funds had paid less than €20,000 in corporation tax over the past two years.
This is despite the companies controlling almost €20 billion in distressed assets.
The analysis found that the 24 companies as well as their Irish subsidiaries will be able to make profits of 33% to 50% on their initial investment.
Vulture funds purchase distressed loans and assets and try to maximise their profits.
In some cases these can be groups of residential mortgages as well as business loans.
For example, last March the issue garnered a lot of public attention when residents of a housing estate in Tyrrelstown faced eviction when debts on their properties were bought out by a Goldman Sachs subsidiary.
Earlier this month, Finance Minister Michael Noonan said that the Central Bank does not keep stats on how many business loans are owned by vulture funds.
The Great Irish Sell Off will air tomorrow night on RTÉ One at 9.35pm
Arkham Knight! I’ll have to ask Santa nicely for a PS4 console now. I can always wish… Failing that I can sell crack to blind kids & make a few bob that way.
Uncharted and LBP3 look amazing. The Order could be promising
Other than that it was just multiplatform stuff. (Far cry and AC Unity also look great).
That being said there isnt much to encourage me to but a PS4 until this time next year
but* = buy
Looking forward to Destiny, but what I really want is a Fallout 4 announcement of some sort
I’m really in want of a PS4 right now @.@
That’s more like it Sony, I was an xbox fan for so long, not anymore!!
Same. I had both an Xbox 360 and a PS3 but I only have a PS4 now.
Nothing about Bloodborne? Considering the director is the same guy who did Demon’s Souls and Dark Souls 1 you’d think there’d be more attention about it…
There was a vid released at e3 showcasing BloodBourne, journal doesn’t have it though.
The only one there with looking forward to is mgs
Really? The trailer bored the arse off me quite frankly. I know Kojima likes his long, theatrical…well, everything, but this was just obscure. Am I the only one that has no idea what the mechanical arm is about? Is Snake the guy that killed Harrison Ford’s wife in The Fugitive?
I’d hold off on getting it right away wait for it to come bundled with mgs ground zero
Abes odyssey in July it’s going to be new n tasty
DLNA and i’ll upgrade from the PS3. Until then not interested.
For the love of all that is good, no more multiplayer first person shooters! It’s depressing looking at the state of shelves for the PS4, making me regret ever going next gen from my xbox…
That being said…. GRIM FANDANGO!!!!
I’ve been waiting for a Grim Fandango remake for years.
Rainbow six siege I’ll say no more looks like a winner to me
Still no DLNA
Uncharted!! Wow
About 3 games look good. Rest look crap. MGS looks like it needs to just go away. The Playstation TV looks good, but needs more then just been able to play on different tv’s for me to be interested. But at least Mircosoft built theirs into the Xbone.
Can’t wait for BF Hardline, MGS, Star Wars Battlefront, The Division, Destiny, Uncharted 4, The Last of Us (remastered) and Rainbow Six to name a few!
Thought they might bring out a tablet to rival iPad mini.sony only have big tablets so far
have your say