Up to 24 vulture funds paid less than €20,000 in tax
Seen & Heard: Denis O’Brien makes €22m in Blue Ocean break-up; ComReg wants to increase fines
Billionaire Denis O’Brien made more than €22 million from the break-up of Blue Ocean Associates, according to The Sunday Times. Photograph: Frank Miller
The scale and scope of tax avoidance by vulture funds, reports the Sunday Business Post, is now becoming apparent with new data showing 24 Irish subsidiaries paid less than €20,000 of corporation tax in total despite controlling distressed property assets of almost €20 billion.
According to the Post, these 24 companies and their subsidiaries will be able to make a profit of between 33 per cent and 50 per cent of their initial investment.
The Post also reports that the IDA will have to disclose the details of payments it makes to international companies to set up in Ireland, potentially paving the way for other countries to lure jobs away from the State.
Under European Union transparency laws, the agency will have to provide the names of companies that receive grants , how much the individual payments total and what they are for.
Blue Ocean breakup nets €22m for O’BrienSunday Times
Figures show that Blue Ocean paid €28.2 million in dividends to an Isle of Man parent company last year after selling of all its assets. The parent company, Osmunda, is 67 per cent owned by Mr O’Brien.
Stockbroker bonuses cutTimes
The paper says that sources told it that bonuses at Davy, the country’s largest broker, were cut by 60 per cent or more in some departments. It is understood that some cuts were also suffered at rival broker Goodbody.
High rents affecting recruitmentSunday Independent
The paper reports that 47 per cent of workers surveyed living outside Dublin said they would need a pay rise of 30 per cent to move to the capital.
ComReg calls for €5m finesIndependent
“Service providers often profit significantly and unjustly from breaking the law.”