September Tax Update: Tax Debt Write-offs and CAT filing

Significant increase in tax debt write-offs, according to the Comptroller and Auditor General’s 2010 Report Debts owing to Revenue amounted to €2.1 billion at end-March 2011; Tax debt write-offs increased by 72% in 2009, compared with 2008 and a further increase of 35% was recorded in 2010; The largest amount written off in a single case was €3.8 million. Most write-offs resulted from business failure or insolvency CAT filing deadline […]

NAMA Business Plan

The Business Plan in relation to the operation of NAMA has recently been published by the Government. It is anticipated that €77bn of loans will be transferred from the banks to NAMA. This includes €9bn of rolled-up interest on non-performing loans. The underlying assets were valued at €88bn when the loans were granted. NAMA is paying €54bn for loans on these properties. The properties are currently estimated to be worth […]