- Should banks continue to be exempt from Tax?
Banks set to remain exempt from tax
So three things:
Banks are likely to be allowed to continue to pay zero tax on billion euro profits following a Department of Finance review of exemptions for lenders and other corporations.
This will highlight the continuation of the current bank levy as opposed to changes to the tax exemption … The bank levy yields €150m annually
In 2015, the Government changed the rules allowing banks to defer taxes for up to 20 years.
The banks ARE paying a bank levy.
Opposition TDs want the tax exemption, which allows banks write off taxes against past losses, scrapped. This is despite many banks having returned to huge profit.
Last year, Bank of Ireland, AIB, and PTSB made combined profits of €2.5bn.
So is it time to scrap the levy and the 20 year thing and resume paying tax on profits as ever other company pays in Ireland? OR is it too soon still? OR should banks be left alone and given some sort of ongoing preferences vs all other businesses?
Would Banks paying their corporation tax and not being allowed to defer it for 20 years GROSS MORE than the 150m bank levy yield per annum?