Letter to the Editor: Allowance to write off losses

Letter to the Editor: Allowance to write off losses

The top economic priority now should be the domestic economy.

Shops, restaurants, pubs etc forced to close because of the virus crisis can’t be expected to keep paying staff and remain closed at the same time.

Many of these small businesses do not have the resources to do this.

Remember the financial crisis? The politicans were very quick to divert €65bn of taxpayers money to the foreign banks who lent recklessly to the likes of Anglo Irish. Bondholders got compensated in full.

Tax returns etc will have to be deferred (or even cancelled completely.)

AIB and Bank of Ireland are allowed to write off losses incurred during the crash against tax.

The same deal must be extended to small businesses or there will be economic carnage on a massive scale.

The irony here is that the state is presently fighting a case in European court NOT to collect €13bn in taxes owed by Apple. How will all these measures for small businesses be paid for?

Annual payments of €6bn-€8bn to Frankfurt for the so called “bailout”will have to be reduced or cancelled.

There is historical precedent for this. Fianna Fáil under Eamon Devalera stood up to England over the annuities demanded by Westminster after the Anglo-Irish War.

Michael O Flynn

Friars Walk

Cork

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