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Report on Public Debt highlights need to end Tax Breaks for Banks that helped create it – Pearse Doherty TD

9 August, 2019 - by Pearse Doherty TD

Sinn Féin spokesperson for Finance, Public Expenditure & Reform Pearse Doherty TD has responded to The Annual Report on Public Debt by calling on Government to end the tax breaks for the banking sector and broaden the tax base.

Speaking today, the Donegal TD said:

“Yesterday’s annual report on the public debt is another reminder of the direct cost of bailing out the banking sector, which some have estimated cost the taxpayer upwards of €50 billion between 2007 and 2014 alone.

“Despite this, Fine Gael and Labour’s decision in 2014 to allow bailed out banks to use 100% of loss incurred in previous years to be offset against future profits, has ensured that banks such as AIB, Bank of Ireland and Permanent TSB have contributed little to reducing the debt burden they helped create.

“Given that reducing the debt has been a cost carried by taxpayers, it is time these banks stepped up and paid their fair share like everyone else. At the moment they pay no corporation tax whatsoever.

“The Government’s response to yesterday’s report lacked credibility. The risks of a No-Deal Brexit make the running of budget surpluses impossible in the short-term.

“Instead, the tax base must be broadened by ending the tax break for the banks and finding sustainable sources of revenue that exclude low and middle-income earners.”

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