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

That is fair enough. It is always good to have accuracy.

Will the statutory company information in the Companies Registration Office, CRO, be made free, as it is in Companies House in Britain? Are we going to continue to allow these Russian-connected companies operate tax free because they can avail of the section 110 tax concession? Are we going to introduce any kind of accountability to that small network of professional services, including legal and accountancy firms that service them? These are the primary beneficiaries of these Russian-connected shell companies. These things have been brought to light in the context of the invasion of Ukraine. We need to consider whether a cost-benefit analysis can be done around the use of section 110 tax concessions, which allow these companies, and many others, to operate largely tax free. With the current reforms in the international tax regime, a tax concession for non-residents such as this seems completely out of step.

We are more than happy to work with the Minister. Indeed, we think that is crucial and it is good to see everyone working together on this issue. However, if we want to provide a deterrent to the Putin regime and its connected oligarchs, we need to aim for their pockets and look at what has happened in the IFSC.

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