THE Government could change tax rules in the budget to let bailed out banks use more of their past losses to reduce their future tax bills. The Department of Finance is considering reversing a 2009 law that limits bailed-out banks’ ability to use past losses to save on tax, according to the Bloomberg news agency.
The rules only apply to banks that were partially recapitalised by transferring property loans to the National Asset Management Agency (NAMA).
They would allow bailed out banks to use more of their so called “deferred tax assets” to be used to off set future profits when the banks pay tax.
The scale of the Irish bank’s historic losses means it would have significant implications for AIB, Bank of Ireland and Permanent TSB, which are the banks affected.
Note paragraph below from previous post and in particular phrase " IF THEY ARE NOT PLACED IN PRIVATE HANDS"
Bank of Ireland and AIB also want the government to remarket €7bn of preference shares to private investors, because the coupons – 10.25% and 8% respectively – step up by 25% next year if they are not placed in private hands.
The Legislature, Executive and Judiciary system In Ireland needs a change and that's why I will be voting NO tomorrow as;
1. Abolition of Seanad is not the real reform that is needed. 2. Power will be concentrated to the Dail which, with all respect, is not technically equipped or resourced for same. 3. We need deeper checks and balances not less. Accountability and Governance will diminish. 4. A power grab and concentration of power can easily become a weapon.
This Referendum is either a cynical smokescreen for power grab or an ill thought out and half cocked populist bull.
I don't see this as the meaningful reform we need, if we are to improve our lot - we voted for reform but this isn't it!
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