SARP tax break for multinational executives must be abolished immediately - Pearse Doherty TD
Sinn Féin Finance spokesperson Pearse Doherty TD has called on the immediate abolition of the Special Assignee Relief Programme (SARP) which has allowed multinational executives to avoid paying millions of euro in income tax since 2012.
Speaking today, Deputy Doherty described the relief as an unfair and wasteful scheme that provided special tax privileges to multinational executives at the expense of ordinary taxpayers.
The Donegal TD said:
"The SARP tax scheme has cost our public services tens of millions in the past several years. It is a tax relief that has allowed multinational executives earning up to €7 million to write off a third of their salary from income tax.
“Information received by my office shows that in 2016 alone, 18 multinational executives earning more than one million each had a third of their salary exempt from any income tax.
“To give an example, a multinational executive earning €7 million was able to use the scheme to avoid paying €831,000 in income tax in 2016 alone. That is over €3 million in the four years from 2013 to 2016.
“In 2016 this scheme cost our public services €18 million. This is revenue that could have paid for 350 nurses in our hospitals, or the rollout of an extra 150 GPs across our health service.
“This is a privileged tax relief that is unavailable to anyone else. We all pay our income tax, we all pay our fair share. Multinational executives in the top 1% of our society should do the same.
"SARP is an unfair and wasteful tax break that must end immediately.
“If multinationals want higher salaries for their chief executives, they should pay them more."