Revenue investigating firms’ misuse of charity tax scheme

The Revenue Commissioners have confirmed they are carrying out a number of “interventions” with companies amid concerns firms are abusing charity status to avoid paying tax here.

Social Democrats TD Stephen Donnelly reiterated yesterday that the State was losing as a much as €20m a week as some firms are using a loophole to pay just €250 in tax to Revenue.

He has told the Dáil that Irish charity status is being used by vulture funds, some of which have bought up distressed property loans, to avoid paying tax.