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
Please cite source and quote less than 10%
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.