MOSCOW: Russian-backed companies moved more than €100billion through Ireland using a controversial tax loophole it has emerged.New research conducted by Trinity College Dublin shows 125 firms raised €103billion from 2007 to 2015.
Section 110 tax structure to avoid paying duty on billions of euro, using the same tactics as many ruthless vulture funds based here, with 73 of the companies ultimately being owned by a charitable trustSection 110 was designed to entice companies to set up in Ireland. However, it was not envisaged it would be abused in such a manner.Executives at some of the firms – registered in Dublin’s IFSC – are linked to the controversial Steele Dossier which details alleged interactions between the Trump campaign and Russia. Perhaps the most high-profile company mentioned in the report is Rosneft, a state controlled oil company that had been hit with sanctions by the EU during the conflict in Ukraine.
The findings by Trinity academics Dr Jim Stewart and Cillian Doyle, entitled Ireland Global Finance and the Russian Connection which was first reported in yesterday’s Sunday Business Post –could damage Ireland’s reputation it has been claimed.
