Sinn Féin: State loses €200m as no tax on banks’ profit

Ireland is losing out on up to €200m every year because the profits of the largest bailed-out banks are not taxed, according to Sinn Féin finance spokesman Pearse Doherty.

He made the claim at the launch of his party’s policy paper on corporation tax in response to revelations this year that major banks will pay no corporation tax for the next 20 years.

“If you were to see the type of revenue that was brought in last year in terms of the profits of the banks [and] occurring in the banks in the next number of years, you would be bringing in over €200m per annum as a result of these measures.