Oireachtas Joint and Select Committees
Wednesday, 27 November 2013
Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance
Finance (No. 2) Bill 2013: Committee Stage (Resumed)
12:00 pm
Michael Noonan (Limerick City, Fine Gael) | Oireachtas source
What is taxed is profit. To calculate profit in any company, it is normal to deduct losses. What we have here is a restriction, which applies uniquely to two banks in Ireland and nowhere else, on their ability to subtract losses when calculating profit.
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