Catherine Connolly (Galway West, Independent)
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Paragraph 19.18 of the Comptroller and Auditor General's report refers to eight companies and states, "Although some of those companies are not generating trading losses, their level of capital allowances available against profit means they feature in the top 24 companies using loss relief". They are not making a loss but they are down as making a loss because of this approach. In the conclusions, the report states:

Significant amounts of accumulated losses have built up since 2008. The current level of €231 billion represents possible future tax receipts reductions of €29 billion.

There is a lot of money at play here and it also affects the ability to forecast losses. It would make sense but I am no financial expert. Mr. Cody is saying the law has to be changed but I am getting the message from him that there is no need to change the law.