Following the publication of the Coffey report, Labour spokesperson on Finance Joan Burton has said it showed once again the need to establish a Standing Commission on Taxation tasked with continually monitoring our laws, regulations and enforcement of tax matters.
Deputy Burton said:
“While I welcome the publication of the Coffey Report on Corporation Tax several months after it was submitted to the Minister, it is a substantial document that must now be carefully assessed.
“It is clear that we still have some way to go on tax transparency and justice. For some time I have called for a Standing Commission on Taxation to be established.
“This would be tasked with continually monitoring how our tax laws are being used, to examine loopholes, reliefs and avoidance structures on a rolling basis.
“As the Coffey Report shows, Ireland has made significant progress, but the recommendations on intellectual property in particular highlight that this evolving and highly technical field must be closely monitored.
“I firmly believe that we need a Commission now to examine matters like this and other recent issues I have raised including the use of corporate losses. The growth in use of the R&D credit and Knowledge Development Box also needs to be closely monitored and such a body would be ideally suited to examine these.”