AIB and Bank of Ireland have reported a combined profit of €5bn this year but will pay very little in Irish corporation tax due to legal allowances for carried forward losses. Pearse Doherty criticized the current taxation system, arguing that the substantial profits should be taxed to fund energy credits for families amidst the cost-of-living crisis. The banks collectively face a corporation tax liability of only €39m for 2024, which is perceived as unfair and detrimental to ordinary workers.
There is something rotten at the core of our economy when banks can extract €5bn in profits and pay essentially no tax.
Obscene profits have been made over the last year as banks heaped more pressure on workers and families during a cost-of-living crisis.
We know from their financial statements that they now plan to not pay fair taxes on these unjustified profits - profits that are just the result of jacking up mortgage rates and short-changing savers.
AIB plans to pay just 0.3pc in corporation tax, which contrasts sharply with their reported profit figures.
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