Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The Revenue has on the Statute Book very extensive general anti-avoidance provisions whereby it can cut to the substance of a transaction and if a transaction is designed to avoid tax, the Revenue can essentially set it aside. Is it the case that until now Revenue powers were insufficient to deal with excessive interest, for example, which was reducing profits within vehicles? Did the Revenue have the power to set that aside?