Today I am calling for the establishment of a Commission on Taxation. A major question now is "Are Vulture Fund Tax Losses the Tip of the Iceberg"?
Following on from RTE's revelations on this weeks "The Great Irish Sell-off" I believe that it is time to establish a Commission on Taxation to review the structure, efficiency and appropriateness of the Irish taxation system.
We need a Commission on Taxation to undertake a comprehensive review of how the Minister for Finance lost out on an estimated €250 million to €350 million a year in tax revenues since 2014.
How could it be that in less that 10 years since our last Commission on Taxation our tax system is bleeding cash once again, but this time no bondholders, bankers or global crisis can be blamed?
We don't know when the Minister first became aware of this aggressive tax avoidance, we don't know when the Revenue became aware and we don't know when the government became aware.
These tax strategies adopted by vulture funds came about from the advice of top accountancy and law firms in Ireland, most of whom receive multi million euro contracts from the state through one form or another.
The public have no confidence that our tax system is being run in an accountable and equitable fashion. What is now required to restore public trust is a Commission on Taxation which would have a mandate to provide full independent oversight on every revenue stream within the state.
There are Independent Ministers in cabinet who have been very vocal on tax justice, with Minister Zappone leading the charge. I hope Minister's Zappone and Ross along with others, will put pressure on their Fine Gael colleagues to bring about fundamental change to our tax system.