€218bn in losses to be recovered before corpo tax paid

Banks and other large corporations have a staggering €218bn in losses to recoup before they have to pay any corporation tax, it has been revealed.

After it emerged that AIB would not have to pay any corporation tax for 20 years because of the losses accrued during the 2008 financial crash, the Dáil’s Public Accounts Committee (PAC) heard evidence yesterday from the Revenue Commissioners.

The PAC was told that of the €218bn in losses that can be carried over and offset against tax, €124bn of that related to the banks and other financial institutions.