Wealthy firms ‘using charitable status to avoid paying taxes’

The State is being deprived of “very valuable” funds because of companies in control of billions of euro using charities to avoid paying taxes, the Dáil has heard.

Social Democrats TD Stephen Donnelly said charitable status should not be available to hedge funds or special purpose vehicles.

He outlined how a mortgage company called Mars Capital had bought up distressed debts of thousands of Irish borrowers.