Mick Wallace & Cerberus

Wallace may or may not owe the revenue millions, but this Government has facilitated the likes of Cerberus take billions, not millions, out of the Irish economy ( section 110 company, quafids etc ) TAX FREE !

Cerberus did not exploit any tax loophole, the Dept of Finance, at the behest of Noonan, invited these vultures to the table ( repeatedly ) and asked what they wanted in order to come here and " invest ". They obviously told Noonan and the Dept, that any profit they make here must be tax free. Noonan then altered the tax consolidation acts in 2011 to make this possible. The loophole was not there in the first instance, it was invented and when Stephen Donnelly raised the issue in the Dail Francis Fitzgerald said that revenue would look into the matter. What ****! By the way, treason, is breaking the law.

Orphaned section 110's became the vehicle of choice for the early funds operating here since 2011.

The specific features of Irish tax law that enable Section 110 companies to do this include the fact that there are no ‘thin capitalisation’ laws in Ireland (there is no minimum profit required for a company for tax purposes, so an SPV can strip out all of its taxable profits if it chooses). Any costs of raising finance are tax-deductible under Section 110.

The most important provision of the law has been Section 110(4) which permits a Section 110 company to take a deduction for “profit participating interest” if certain conditions are met. The Finance Act 2011 introduced anti-avoidance provisions that sought to deny deductibility for that profit element of interest, but included exceptions that made the measures meaningless.

The anti-avoidance provisions do not apply (so interest is fully deductible) where the recipient of the interest or other distribution is either a person resident in Ireland, or a person (resident in an EU Member State or tax treaty country who is not “connected” with the SPV) who is a pension fund, government body or other person who is exempted from tax which generally applies to profits, income or gains in that jurisdiction. Just in case any of those exemptions do not do the trick, the Finance Act 2011 also introduced an exemption on withholding tax on interest paid through quoted eurobonds.

osmiumartist wrote: »

Wallace is on what, 90k+ like every other TD? Flights to Italy are 100 Euro. I don't see how anybody is having trouble imagining he can afford these flights easily from his basic pay?
His personal finances are precisely that: personal. He's a bit odd alright but he's giving the government a regular walloping which is great.

Did he not make some arrangement with Revenue to pay off by deductions from his €90K salary?

The silence is deafening!

Mod:
Up the standard guys!

FreudianSlippers wrote: »

What are you rambling on about?

You wanted me to provide YOU with evidence to back up my claim, I gave it to you. I expect something more than the guff in your last post, this is a forum for serious debate as far as I am aware.

K-9 wrote: »

Did you miss the mod post straight after the one you replied to? Up the standard thank you.

I believe I just did, another poster asked me to provide evidence to back up the claims in a previous post; I did. If you are challenged on an open forum and reply with the pertinent facts and evidence to prove your claim, I would expect a reply saying thank you or a rebuttal of my post. Hence, the term forum.

Forum :- a meeting or medium where ideas and views on a particular issue can be exchanged.

Kristopherus wrote: »

Did he not make some arrangement with Revenue to pay off by deductions from his €90K salary?

He did, but in the run up to the last election he said he was no longer going to pay Revenue.

He was declared bankrupt today, but I don't know where Revenue now stand in getting any money back for the Irish taxpayer.

J.pilkington wrote: »

So Mick lost the war.

http://www.irishtimes.com/news/crime-and-law/courts/high-court/td-mick-wallace-found-bankrupt-in-the-high-court-1.2911438

The only time he really got of his arse in all the time he has been in the dail earning tax payers money was in an act of self interest to tackle the company cerebus who had bought his loans from Ulster bank as he knew it was only a matter of time before they called in the money that he now owed them (just so everyone is clear they bought walaces loans well in advance of the Northern Ireland Nama issue which is seperate)

Or was it mearly a battle he lost but he wins the outright war?

Sure he'll be grand as he gets to keep his employees pension, the taxpayers vat and still gets to visit his Italian vineyard which now is in the hands of his brother (which I believe was exchanged for a "company debt"). All the while getting paid a handsome wage, accruing a nice big pension and paying consultency fees to his son for "research" and claiming his €40k per annum independent allowance(which he proudly claimed on day 1 of his dail tenure at a press release that he wasn't going to claim only to submit a claim on the sly a year later and even claiming back as much as he could!). I'm sure he'll be looking forward to the forthcoming World Cups and euros and will probably use dail speaking time to ask for time off.

New politics, 'this mighty

Given he has personal guarantees on the loans, what's in scope for liquidation? his house, his car, any savings I presume? But he gets to keep his future salary, pensions, etc etc.?