Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

More nonsense from the Minister. Can he tell me how his policy of rolling out the red carpet for the vulture funds went? These funds bought hundreds of millions of euro worth of Irish assets and mortgages and do not pay a penny in tax on them. Even today they use charity structures under the Minister's nose. How does that benefit Irish society? What is the benefit of real estate investment trusts, REITs, and other structures, which charge the highest rents in this State, push up house prices and do not pay corporation tax, capital gains tax or tax on their rental income? The Minister tried to divert the argument to corporation tax. Sinn Féin supports the 12.5% corporation tax rate. We disagree with the structures and measures in the Finance Bill 2020 that enable these entities to further reduce their tax liability, in some cases to zero. That is what we stand against.

The Minister asks me to accept his bona fides. I have no problem in doing so, but he must prove them to me. He should close the loopholes for section 110 companies. He should make sure the vulture funds pay their taxes and stop REITs and Irish real estate funds, IREFs, exploiting the Irish property market. He should make sure the highest earners in the State are not able to reduce their tax liability to an effective rate lower than what a hairdresser or butcher in rural Ireland would pay.

If the Minister shows it to me, I will support him, but he does not because time and time again littered in these Finance Bills are these types of measures which protect the elite, and that is the problem. Where that happens, I will call it out. That is my job. Where the Minister does something that is worthy of support, he will have my support.

The Minister has concluded his two opportunities to speak on this matter.

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