Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

I previously raised in the Dáil the issue of the funnelling of €118 billion through the International Financial Services Centre, IFSC, by 106 Russian-linked shell companies availing of section 110 of the tax code. These shell companies pay no tax and have no employees. I raised this issue not once, not twice, but three times with the Government. I raised it in the Chamber in September 2020, I raised it with the Minister in front of the finance committee on 6 May 2021, and I wrote to the Minister for Finance on 27 May 2021 but I got no response. What has been done since I raised this issue in September 2020? Section 110 allows companies, and not just Russian companies, to use interest payments to write down their tax obligations to zero. When will this finally be phased out? It is clearly not in line with the current reforms in international tax regimes. I really want to know what has been done since I raised it in this Chamber in September 2020.

See this speech in context