Stephen Donnelly (Wicklow, Fianna Fail) | Oireachtas source

I thank the Minister for his response. I appreciate it and his acknowledgement that this could be seen as an abuse and that we must always look at how the tax code is being used. The problem is that I have seen the responses from the Ireland Strategic Investment Fund to Mr. Jack Horgan-Jones and we have on the record the response from the then Minister, Deputy Michael Noonan, to Deputy Michael McGrath. Both the former Minister and the ISIF maintain that the current use of these section 110 companies is absolutely legitimate.

That is why we want an independent investigation. The Government's stated position may have changed with the new Minister, Deputy Donohoe, but as of February, in response to Deputy Michael McGrath, the Government's stated position is that the section 110 companies are being used properly. ISIF stated to Mr. Jack Horgan-Jones only a few days ago that as far as it is concerned they are being used properly. As far as I, Fianna Fáil and everyone involved in the vulture fund tax loopholes are concerned, this is an improper use and it needs to be shut down.

I appreciate the Minister will raise this with the Minister, Deputy Donohoe, but we are asking that he goes further. We are asking that the Government commits to a full independent review of the use of section 110 companies in the Irish economy and that it makes a commitment to the House that, as a policy principle, profits generated in the Irish economy must be taxed in the Irish economy as they are in every other country on earth.

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