Banks make over €300m due to tax loophole

BANKS are earning more than €300 million a year from a tax break allowing them to take advantage of allowances to business customers.

The massive earnings being reaped by financial institutions through the tax loophole were revealed in a parliamentary question put by Labour finance spokesperson Joan Burton.

The €100 million levy introduced by Finance Minister Charlie McCreevy in the Finance Bill pales in significance compared to the €316 million from the loophole, Deputy Burton says.