Cllr. Éilis Ryan
Dublin Workers’ Party Councillor Éilis Ryan has said that the newly introduced measures on vulture funds and tax avoidance are purely a symbolic move to assuage public anger while in real terms property speculation and overseas tax avoidance remain a highly lucrative enterprise for those with significant wealth.
Cllr. Ryan described the moves as insignificant in the scheme of things, saying that a 20% tax would be no real deterrent to those investing in such schemes given the real extent of the financial killing that can be made from them. She said that vulture funds are fundamentally no different to other forms of property speculation and that rather than placing a low tax rate on them these funds should be banned outright.
“It is hardly a secret that it was wholesale speculation which drove house prices to colossal levels a decade ago with results which working class people are continuing to live with to this day. If we want to prevent a repeat of that fiasco and stall the growth in home prices then banning vulture funds is the only way to go”, said Cllr. Ryan.
“Equally the human cost of tax avoidance is all too visible in this country. Rather than taking a softly, softly approach to this with another amnesty the state should be instituting a severe zero tolerance approach. Many of those involved in such tax avoidance are well known names and should be made aware that such practices will have serious consequences up to and including the loss of citizenship”