Tipperary TD Mattie McGrath, has submitted an amendment to the Finance Bill, which will be finalised in the Dáil tomorrow. This amendment aims to ensure that investment funds, often known as “vulture funds,” and credit service firms like Pepper Ireland, are held accountable and operate transparently.
The proposed amendment aims to reclassify Special Purpose Vehicles (SPVs) utilizing Credit Servicers as ‘investment undertakings.’ By changing the legal status of the organisations the measure aims to prevent these entities from evading tax responsibilities.
Deputy McGrath says he believes the current structures enable tax avoidance and is calling for greater transparency in how the Central bank regulates such businesses. The Leader of the Rural Independent Dáil group is calling on all TDs to support the amendment, which is designed to hold Vulture Funds accountable. Presently, vulture funds control approximately 100,000 mortgages in Ireland, affecting numerous family homes, small businesses, and farms. This amendment aims to ensure that Credit Servicers are responsible for the taxes and returns owed by these funds, aligning them with other business entities. The Rural TD Group are also raising concerns about the anonymity provided to Qualified Investor Alternative Investment Funds (QIAIFs) by the Central Bank. They are seeking clarification from the Minister for Finance on whether the Central Bank shares QIAIF information with the Revenue Commissioners.
