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Thread: Cowen kept tax loophole open for developers

  1. #1
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    Default Cowen kept tax loophole open for developers

    Not only is the tax payer being asked to pay for the mess caused by the greedy developers, but looking at this article back in May 2008, they avoided paying tax on their huge profits when the going was good. Joan Burton brought it up in the Dail (2008), but was informed that the loophole was not going to be closed. While billions could have been raked in in tax revenue, our glorious leader decided against it. Should he be questioned about this decision again?

    Cowen will keep tax loophole for the super-rich
    Taoiseach-in-waiting stands by while wealthy developers avoid massive sums in stamp duty

    <Mod>
    Please cite source and quote less than 10%
    </Mod>


    Sunday Business Post - June 2007
    If Cowen signs the commencement order, the legislation would close off certain lawful stamp duty planning techniques, such as resting on contract and building licences, which have been widely used by developers when structuring commercial and residential property deals.

    According to government sources, the minister is wary of introducing any measure that would have a destabilising effect on the property market.
    Last edited by ellie08; 27th October 2010 at 11:58 PM. Reason: copyright

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    Politics.ie Member Libero's Avatar
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    The Minister took the best possible advice available: http://www.goodbody.ie/aboutgoodbody...Act%202007.pdf

    OK, so it was provided by a consultancy whose parent, Goodbody Stockbonkers, was owned at the time by a bank - AIB - that was busy funding the developers who benefitted from the loophole.

    And it was possibly the only economic consultants' report in the history of EU finance ministries to contain one graph and next to no proper economic analysis.

    But it was good enough for Cowen.

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    Politics.ie Member spotty's Avatar
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    All this digging up the past is pointless. We are where we are. Forward together. In the national interest. Going forward. Not back.

    Ah, Spotty misses his FF days.
    Spotty. A pimple on the arse of politics.

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    Yeah, just like the other stamp duty loophole of purchasing land under licence thus avoiding Stamp Duty. Legislation was drafted a number of years ago to close this off but also has never been enacted.

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    Wouldnt you be surprised...

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    Politics.ie Member flavirostris's Avatar
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    tonic & others were spinning the line that Cowen had made every effort to close off these loopholes as well as cooling down the tax incentives that were fuelling the bubble.

    Cowen is basically a traitor. He constantly put the interests of powerful supporters ahead of the interests of the state
    "Criticising the EU in Ireland in the 2010's is like criticising the Catholic Church in the 1950s. You run the risk of being lynched by brainwashed fanatics." - Volatire

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    Politics.ie Member commonman's Avatar
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    Quote Originally Posted by spotty View Post
    All this digging up the past is pointless. We are where we are. Forward together. In the national interest. Going forward. Not back.

    Ah, Spotty misses his FF days.
    we are where we are,but where are we going:

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    Unless I get a refund of the stamp duty which I paid in 2004 I will not be paying a property tax.

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    Forget all these distractions, don't ye know that the real scandal is part-time shop girls are outside the tax net?
    Last edited by Baron von Biffo; 27th October 2010 at 09:08 PM. Reason: Typo.

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    Quote Originally Posted by flavirostris View Post
    tonic & others were spinning the line that Cowen had made every effort to close off these loopholes as well as cooling down the tax incentives that were fuelling the bubble.

    Cowen is basically a traitor. He constantly put the interests of powerful supporters ahead of the interests of the state
    +1 i fully believe your right about cowen.

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