Rose Conway Walsh (Sinn Fein) | Oireachtas source

I move recommendation No. 16:

16. In page 111, between lines 11 and 12, to insert the following: “Report on restricting banks from carrying forward losses

61. The Minister shall, within 6 months of the passing of this Act, prepare and lay before Dáil Éireann a report on restricting the banks from carrying forward losses against taxable profits in a manner which could result in many institutions paying no corporation tax for the foreseeable future by introducing a 25 per cent cap on profit that can be written off by carried forward losses in any given year and an absolute ten year limit on the use of loss for this purpose.”.

I do not think we can continue with a situation where many of our banks are not paying any corporation tax. Losses against their taxable profits have resulted in banks and financial institutions paying no corporation tax for the foreseeable future. This recommendation would introduce a 25% cap on profits written off and losses carried forward in any given year. This situation cannot continue.