Banks here sitting on €2.8bn of tax write-offs

Banks here sitting on €2.8bn of tax write-offs - Emmet Oliver -> independent.ie/business/iris … 94205.html

This has happened right across the economy and right now the corporation tax is coming in lower than than a normalised rate as companies write off everything in order not to pay corporation tax. Equally vat collections will have reduced by the vast quantity of bad debt write-offs.

At a guess the govt may collect €2b to €3b a year more in 2012 as the amount of available write-offs reduce in the above two categories.

These write-offs are a plus for the banks