860:
1212:
709:
660:
40:
138:
199:
905:
1389:
1403:
4072:
2111:
2622:
3306:
2640:
3722:
3264:
3776:
3676:
3285:
2270:
4054:
569:
structuring PPNs to sweep up all income generated by the "qualifying assets" in the SPV (via PPN interest payments). Irish professional services firms, who lead the drafting of Irish tax legislation, can provide the corporate finance services needed to produce evidence satisfying the "market rate" and "arms length" tests.
1623:
1078:
This is a relatively new situation that has arisen and we are working to resolve it ... Up to recently, these loans would have normally been held by banks and so that was no issue about deducting from interest. But this has changed, so we're looking at coming up with a broad solution. I would say
537:
To get to a zero-tax position, the TCA 1997 allows "Profit
Participation Notes" (PPNs). These are artificial internal loans to the SPV, whose rate of interest can be sufficiently variable to absorb all income/gains generated in the SPV. As an Irish trading company, the SPV can charge loan interest as
331:
While IFSC law firms lobbied for the removal of i. & iii. (above), and exemptions from improvements in Irish company law, these controls seemed to work. There is no record of any entity (Irish or foreign) using
Section 110 SPVs to avoid Irish tax on Irish domestic investments or businesses until
596:
will ensure the relevant trust that "owns" the SPV equity is Irish domiciled, thus satisfying the incorporation test. The "managed and controlled" test is vaguer (based on UK case law) but typically results in the SPV requiring two Irish resident directors, a registered Irish office, an Irish-based
299:
Explicit solutions (i.e. the SPV could not hold Irish assets) were ruled out as the
Section 110 SPV could be challenged as a non-ordinary Irish company, losing tax treaty access. Instead, controls were introduced that, while less explicit, would collectively ensure Section 110 SPVs were confined to
1150:
attempted no prosecution for the acknowledged tax-avoidance. Funds could leave
Section 110 SPVs in place and continue to earn tax-free gains, as long as they did not foreclose. If they foreclosed, they had a period in which to sell the assets, and hence the 5–year CGT exemption. They could also
738:
Section 110 SPV legislation has been refined around the treatment of PPNs so they are acceptable to the widest tax treaty network. The focus has been around tightening the language around "arm's length" or "market tested" rates of PPN interest. However the rules remain sufficiently broad, and the
726:
Successive Irish
Finance Acts (2003, 2008, 2011 and 2016) extended the list of "qualifying assets" beyond the classic categories that make up the bulk of the global securitisation market. According to IDSA (Irish Debt Securities Association, the Section 110 SPV lobby group created by IFSC tax-law
1181:
regime in
November 2016 (just after Minister Noonan closed the "perceived" Section 110 loopholes). In February 2018, the Central Bank relaunched the historically little-used L-QIAIF, with the same tax-free features as the Section 110 SPV, but with the distinction that L-QIAIFs do not have to file
346:
Note, Irish banks use
Section 110 SPVs to raise capital to finance their Irish mortgage books in the global capital markets (they all have IFSC offices). However, as the source Irish borrower pays loan interest to the Irish bank, who then incurs Irish taxes inside their Irish-taxed corporate bank
1879:
842:
issued new guidance in May 2018 on
Section 110 SPV taxation which would further reduce their attractiveness as a mechanism to avoid Irish taxes on Irish assets. In June 2018, the Central Bank of Ireland reported that €55 billion of U.S.-owned distressed Irish assets, equivalent to 25% of Irish
3758:
568:
While the various Irish
Finance Acts strengthened the rules on PPNs (the 2016 Finance Act mentions a "market rate" of interest and that structures should be created on an "arms length" bases), the effective rules, and the list of exemptions and exempted parties, allow considerable freedom in
936:
accounts with large profits on their Irish investments (made from 2012 onwards), but no Irish tax payments. They could also see that the equity of these companies was "owned" by Irish-registered charities (children's charities in cases), some of which were operated by IFSC-based law firms.
1193:, formally wrote to the Irish Government on behalf of the UN, regarding its concerns regarding "preferential tax laws" for foreign investment funds on Irish assets which were compromising the human rights of tenants in Ireland. In April 2019, Irish technology entrepreneur
792:
to make changes in light of ".. use of aggressive tax practices by some
Section 110 companies to avoid paying tax..." The new rules are complex but prohibit Section 110 SPVs from holding direct Irish property and tighten the Irish Revenue notification process to 8 weeks.
46:. Section 110 SPVs were created in 1997 to allow IFSC law firms administer securitisation business; in 2012 these firms would use the SPVs to assist U.S. distressed debt funds shelter over €40 billion of Irish investments (€80 billion in loan balances) from Irish tax.
1289:
Further research by Stewart and Doyle shows Russian firms funneled €100bn into Irish Section 110 SPVs since 2007. Some of these Russian firms appeared unsuitable from a number of perspectives (i.e. criminal or sanctioned activities). Many SPVs resembled a
921:), while Irish banks used Section 110 SPVs to raise global capital for Irish loan books, they never used Section 110 SPVs to avoid Irish taxes on their Irish activities (the Irish borrower paid interest to the Irish bank, and not into a Section 110 SPV).
1377:, which comprise the key offshore centres (i.e. the Cayman Islands). The Conduit-OFCs are the hubs which provide the regulatory reputation and the legal and taxation wappers (i.e. Section 110 SPVs) for money to get into, and out of, the Sink OFCs.
816:
regime. In February 2018, the Central Bank of Ireland changed its AIF "Rulebook" to allow L–QIAIFs hold the same assets that Section 110 SPVs could own. However, the upgraded L–QIAIFs offered two specific improvements over the Section 110 SPV:
513:) led to a ruling by the Irish Charity Regulator prohibiting Irish registered charities from owning equity in Section 110 SPVs. Orphaning is a potentially strong tax avoidance tool as it allows equity to be restructured into tax-free debt (see
739:
exclusions sufficiently general, to materially limit the effect of these changes. A particular aim is enabling the PPN's to be classed as "Eurobonds" so they can be legally domiciled in Luxembourg, which has become a key "backdoor" out of the
557:). PPNs are often sought to be classed as "Eurobonds" in the Irish tax legislation which gives them additional tax robustness, and also allows the PPN to be integrated with the Irish QIAIF regime, also tax-free, and held in a more stable
613:
rules, resulting in sanctions and fines. The entire economic benefit of the SPV sector to Ireland (of which Section 110 is a subset) is only circa €100m in annual fees paid to Irish professional services firms (SPVs pay no Irish taxes).
675:
By 2017, the Irish Section 110 SPV was the most popular securitisation SPV in the EU. In addition, the Irish Section 110 SPV expanded its adoption and use far beyond the original securitisation market to make the IFSC the 3rd largest
529:
The TCA 1997 legislation includes a headline tax rate of 25% on non-trading income so that the SPV is regarded as an Irish taxable entity. Thus, the Section 110 SPV is not presented overtly as a tax-free vehicle (i.e. unlike an Irish
2211:
Jurisdictions with the largest financial systems relative to GDP (Exhibit 2-3) tend to have relatively larger OFI sectors: Luxembourg (at 92% of total financial assets), the Cayman Islands (85%), Ireland (76%) and the Netherlands
916:
From the 1997 TCA to the Irish crisis in 2009, there is no known case of a Section 110 SPV being used to avoid Irish domestic taxes on Irish assets or businesses. They were confined to global finance as was intended. Per earlier
145:
moved to partially close some of the abuses of Section 110 SPVs by U.S. distressed debt funds in the Irish domestic economy in the 2016 Finance Act, but controversially decided against full closure, or any investigation or Irish
508:
were a common choice (some Irish law firms went so far as to create their own in-house registered charities). However, a public scandal in 2016 regarding use of Irish Section 110 SPVs in domestic Irish tax avoidance (see
350:
In contrast, if Irish borrowers paid loan interest into a Section 110 SPV, no Irish taxes are ever paid, causing a permanent loss to the exchequer. Irish anti-avoidance rules (iii. above), would kick-in and apply Irish
2508:
106:
funds used Section 110 SPVs, structured by IFSC service firms, to avoid Irish taxes on €80 billion of Irish domestic investments. The cost to the Irish exchequer has been material. Despite the scale of the avoidance,
911:
TD. Estimated US distressed funds would avoid €20 billion in Irish taxes from 2016 to 2026 on circa €40 billion of Irish investments made from 2012 to 2016 (which represented circa €80 billion in headline Irish loan
621:
reserve the right to challenge existing Irish Section 110 SPVs under the general Irish anti-avoidance legislation. However, as since the creation of Section 110 SPVs in 1997, no case has ever been brought by the
3942:
A UN SPECIAL Rapporteur on housing has sent a letter to the Irish government noting that they have facilitated housing financing through "preferential tax laws and weak tenant protections among other measures".
3525:
3115:
1079:
that there is no need for panic as there is a long-established procedure in place in the legislation and the only issue is to establish whether the SPV a company is paying to is a Section 110 company.
1331:), and tax-free (via the Profit Participation Notes), OECD–whitelisted wrapper, in an effectively unregulated environment, which has coincided with Ireland's position as the world's 4th largest
3811:
822:
Tax secrecy. L–QIAIFs do not file public accounts (how Section 110 SPV tax abuses were uncovered), but send confidential reports to the Central Bank, who will not screen for tax avoidance;
870:
concerning the Section 110 SPV emerged in 2016–2017, the CBI upgraded the little-used L–QIAIF, to give the same benefits as Section 110 SPVs, but with full confidentiality and tax secrecy.
781:
to "own" the Section 110 PPNs, which can be "back-to-backed" with newly issued "eurobonds" from the QIAIF, is an established "backdoor" out of the Irish tax system to Luxembourg, the main
1744:
641:
to acknowledge this notice was received, however, this has recently been formalised to an 8–week notice period. The IDSA is lobbying for a 24–hour "online" approval system (as per the
2900:
1842:
1104:(or "NAMA") to the US funds for circa €40 billion. Donnelly estimated that the loss of Irish taxes over the next decade from these assets being taken out of the Irish tax system (i.e.
859:
4314:
1178:
883:
813:
127:
3431:
1197:
launched a Facebook campaign to highlight abuses of Section 110 SPVs, as well as QIAIFs and L-QIAIFs, stating: "The L-QIAIF runs the risk of being a weapon of mass destruction".
3740:
2437:
1648:
1522:
3025:
2515:
1594:
1140:, a small investor in Section 110 SPVs, disclosed an immediate €158 million tax charge due to the Act. The slowness of the Government's response in closing these "perceived"
2658:
3324:
2353:
1151:
transfer their Section 110 assets into a more confidential QIAIF (and later, an LQIAIF), also using the 5–year CGT exemption to avoid incurring taxes while restructuring.
379:
In this regard, more advanced and/or aggressive Irish tax-neutral vehicles, which are fully tax-free and can be operated in greater secrecy from public views, such as the
376:
For Irish Section 110 SPVs to be accepted under EU tax treaties (and be OECD-whitelisted), they must to be ordinary Irish resident companies, in Irish and EU Company Law.
1459:
561:
such as Luxembourg. Where the PPNs fail to achieve "Eurobond" classification, the PPNs can be owned by an Irish QIAIF, who will then issue qualifying "Eurobonds" from a
1786:
1963:
4154:
3481:
1934:
960:
work, to export untaxed income and capital gains earned on domestic Irish assets to offshore locations (via the PPN interest payments), such as the Cayman Islands.
4090:
4018:
1859:
4122:
3042:
2945:
1426:
804:
provides little effective regulation on Section 110 SPVs, however, they were only uncovered because the Section 110 SPV must file public accounts with the Irish
778:
774:
766:
758:(IFRS), which target instruments like PPNs, the Irish Government allows Section 110 SPVs to file accounts under old Irish GAAP (GAAP 2004). In addition the 2010
642:
531:
380:
3633:
3225:
2721:
2249:
3122:
2043:
4036:
4000:
3869:
3170:
1807:
886:
regime in February 2018 to give the same tax-free structure to hold Irish assets via debt instruments, but in a confidential structure (discussed further in
3077:
2474:
3888:"Tax-free funds once favoured by 'vultures' fall €55bn: Regulator attributes decline to the decision of funds to exit their so-called 'section 110 status'"
3191:"Tax-free funds once favoured by 'vultures' fall €55bn: Regulator attributes decline to the decision of funds to exit their so–called 'section 110 status'"
2959:
2295:
777:
structures (unlike SPVs, QIAIFs don't file Irish public accounts), with the tax neutrality and global acceptability of the Irish Section 110 SPV. Using a
3596:
2454:
3955:
1563:
1367:(OFCs) ("Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network") lists Ireland as one of five key global
996:
115:
but leaving others open, including a five-year capital gains tax (CGT) exemption to aid alternative restructuring. The affair is a source of dispute.
3982:
3560:
2690:
434:
The list of "qualifying assets" which can be held inside an Irish Section 110 SPV is large (it has been extended with subsequent Irish Finance Acts).
130:, to give the same tax-free structure on Irish assets held via debt as the Section 110 SPV, but without having to file public accounts with the Irish
3815:
3794:
2756:
1165:
In June 2018, the Central Bank of Ireland reported that €55 billion in Irish assets, owned by U.S. distressed debt funds, equivalent to 25% of Irish
296:
brought risks to the tax base of the Irish economy as Irish domestic assets and businesses could be repackaged into Section 110 "qualifying assets".
2583:
2559:
1765:
3905:
3381:
3094:
3350:
2064:
Stewart, Jim; Doyle, Cillian (February 2017). ""The measurement and regulation of shadow banking in Ireland", JFRC Vol. 25 Issue: 4, pp.396-412".
1490:
683:
310:
221:
92:
80:
43:
2604:
2841:
1211:
1132:, which they moved to close in the 2016 Finance Act. The Government budgeted €50 million in total additional taxes from the closure of these
400:
designated activity company (DAC) (essentially a private limited company (LTD), but who can also use listed debt (but not equity) securities).
3578:
2491:
1173:'s 2016 estimate of €40 billion in Irish distressed asset values hiding in Section 110 SPVs (representing €80 billion in loan balances). The
2805:
4383:
4218:
3887:
3837:
3190:
99:. While they pay no Irish tax, they contribute €100 million annually to the Irish economy in fees paid to IFSC legal and accounting firms.
4172:
2791:
2540:
224:(IFSC), Section 110 of the 1997 Taxes and Consolidation Act (TCA) introduced more advanced SPVs to enable the IFSC complete in the global
4388:
2823:
1305:
Other Russian firms were tied to the Russian Banking/Shadow Banking sector (which is linked to prohibited / money laundering activities).
1144:, and the extensive list of exemptions (including a 5-year CGT exemption), and excluded parties to the Act, remains a source of dispute.
755:
4186:
3435:
1649:"WHY LETTING SECTION 110 SPVS OPERATE IN THE IRISH DOMESTIC ECONOMY WILL DAMAGE OUR TAX BASE AND OUR REPUTATION AS A 'LOW-TAX' ECONOMY"
1421:
1115:
The affair escalated into a major public scandal during 2016, and was covered as such in the international media, and in several Irish
1026:
740:
215:
72:
1655:
3855:
1598:
1464:
1257:
The PPN interest deduction as an expense is a unique concession in any tax legislation (not available in ordinary company taxation).
3659:
3460:
1322:
Governance of Irish Section 110 SPVs is also cosmetic, with local Directors in these CSPs acting as Directors for hundreds of SPVs.
1112:
calculated the total economic contribution of Section 110 SPVs since their creation, would be vastly exceeded by these tax losses.
751:
3694:
2704:
111:
attempted no investigation or prosecution. The Irish Government's response to the scandal in 2016–2017 was unusual, closing some
76:(TCA) for a special tax regime that enables the SPV to attain "tax neutrality": i.e. the SPV pays no Irish taxes, VAT, or duties.
3614:
1302:
Some of these Russian firms are the subject of EU/US Sanctions and some had raised capital via Irish Section SPVs post-sanctions.
1183:
941:
933:
875:
805:
270:
however, their reputation, and a restricted network of global tax treaties, made then less acceptable to the banks who originate
131:
119:
3328:
1260:
There is no Section 110 SPV approval process, and notification information is so basic it could not be used to test suitability.
1186:
accounts. The L–QIAIF is now the main vehicle for U.S. distressed debt funds shielding against Irish tax on their Irish assets.
2928:
2775:"Exemption from Encashment Tax for "Qualifying Company" within the meaning of Section 110 of the Taxes Consolidation Act, 1997"
680:
in the world. While SPVs pay no Irish tax, the generate circa €100m annually for the Irish economy in fees paid to law firms.
576:
rules, the Section 110 SPV can be 100% financed by PPN debt, making the SPV a fully tax-free vehicle (i.e. no equity leakage).
534:), which would attract adverse attention from other tax authorities (under tax treaty rules), or regulators (e.g. EU or OECD).
504:
in which the equity is held by an unconnected third party who has no effective rights or controls on the SPV. Irish registered
3151:"Central Bank of Ireland publishes notice of intention to amend the requirements for Loan Origination Qualifying Investor AIF"
1312:
collects no data on the source of financing to the Irish SPVs (critical for money laundering / criminal activities oversight).
1254:
Irish professional firms market Section 110 SPVs as "unregulated", "tax-free vehicles", "not subject to services regulation".
1234:
Professor Jim Stewart and Cillian Doyle show Section 110 SPVs are effectively unregulated and attract little oversight by the
637:
declaring the intention of the Directors to file under Section 110 of the 1997 TCA. Before 2010, there was no obligation the
789:
206:'s landmark 1997 Tax and Consolidation Act created Section 110 SPVs and laid the foundations for Ireland's leading corporate
142:
3364:
3250:
2859:
2739:
1543:
1100:, called for a Dáil investigation and produced calculations based on the €80 billion of published loan balances sold by the
2774:
2232:
2676:
1029:. The State's Irish Strategic Investment Fund was a co-investor in these firms (e.g. BlueBay Capital, Cardinal Capital).
731:
in 2013), the only asset which Irish Section 110 SPVs cannot invest in is direct Irish or non-Irish property (Ireland has
3485:
2879:
2021:
1938:
851:
wrapper, is expected to take over as the main structure for avoiding Irish tax on Irish assets in a confidential manner.
2250:"Zucman:Corporations Push Profits Into Corporate Tax Havens as Countries Struggle in Pursuit, Gabrial Zucman Study Says"
538:
an expense (deductible against Irish tax), rather than a deemed profit distribution (not deductible against Irish tax).
415:
carries on in Ireland the business of the holding and/or management of "qualifying assets" (i.e. is not a "brass plate")
4308:
4129:
1416:
1814:
1246:), the data asked for could not be used to assess the provenance of an Irish Section 110 SPV, or its source of funds.
319:
had to be notified on the creation of each individual Section 110 SPV (and could challenge any it found unacceptable).
4368:
999:, known through a diverse series of Section 110 SPVs (including Stapleford, Vanguard), and advised by IFSC law firm,
708:
3708:
2966:
1332:
677:
183:
96:
4393:
4211:
3507:
1137:
1105:
1101:
1044:
485:
There are three key elements relevant to structuring Irish Section 110 SPVs (as discussed in attached references):
463:
Bills of exchange, commercial paper, promissory notes and all other kinds of negotiable or transferable instruments
1984:
1917:
1120:
17:
2094:
4408:
4326:
4320:
4302:
3008:
1166:
1009:, known through the "Irish named" Section 110 SPVs (Belthany, Kenmane, Liffey etc.), advised by IFSC law firm,
844:
1025:
of their clients into Section 110 "qualifying loans", they helped their Irish borrowers reduce Irish domestic
981:, known through their Promonotoria series of Section 110 SPVs, and advised by IFSC law firm, A&L Goodbody.
659:
521:
reserve the right to challenge cases created for tax avoidance, although they have never done so in practice.
166:. It showed Section 110 SPVs were used by sanctioned/prohibited Russian banks. A June 2017 study published in
1342:
said the risks of Section 110 SPV abuse are not appreciated by the Irish Government. The IMF noted the same
1327:
Stewart and Doyle's academic papers on Irish Section 110 SPVs highlight the combination of an anonymous (via
1051:
funds in London on how to use Section 110 SPVs (and QIAIFs) to avoid Irish taxes on their Irish investments.
3150:
2001:
1508:
1206:
3924:
732:
4108:
4403:
4398:
4204:
2883:
987:, known through their Tanager series of Section 110 SPVs, and advised by IFSC law firm, A&L Goodbody.
978:
3388:
2914:
2418:
2404:
2387:
2322:
1346:
type regulation of Irish Section 110 SPVs. This was picked up by Oxfam who has listed Ireland as a top
4243:
1364:
968:
654:
263:
1745:"'Vultures' minimise their tax bills - as State now appears to have delivered the sale of the century"
1040:
landlord, that had structured their investment to avoid all Irish taxes, and stamp duty, on the rent.
4378:
4358:
2991:
2336:
2206:
2134:"Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network"
993:, known through their LSREF series of Section 110 SPVs, and advised by IFSC law firm, Dillon Eustace.
874:
The abuses below were uncovered because Section 110 SPVs have to file public accounts with the Irish
289:
179:
1544:"Ireland: The Leading European Jurisdiction for SPVs, Structured Finance and Securitised Structures"
154:
Academic research in 2016–2018 showed IFSC Section 110 SPVs are largely unregulated, operating like
4285:
2279:
New Gabriel Zucman study claims State shelters more multinational profits than the entire Caribbean
1900:
1470:
Professor James Charles Stewart Adjunct Professor, School Office - Business, Trinity College Dublin
1266:
has conducted no investigations or audits into any Irish Section 110 SPVs (since creation in 1997).
984:
589:
278:
3413:
2405:"Matheson 2006 Finance Act extends quoted Eurobond withholding tax exemption for Section 110 SPVs"
1704:
39:
4363:
1373:(with the Netherlands, UK, Singapore and Switzerland). The five Conduit-OFCs are the links to 24
1339:
1309:
1281:
1274:
1239:
1174:
1033:
879:
863:
809:
801:
584:
To qualify as an Irish resident company the Section 110 SPV needs to meet minimum tests from the
488:
These structuring elements are also discussed in more detail in the briefing notes issues by the
163:
123:
971:, known through their Mars Capital (and others) Section 110 SPVs, and advised by IFSC law firm,
963:
Funds using the Section 110 SPVs included the largest names in distressed investing, including:
4373:
1441:
1351:
1231:
1055:
887:
690:
rules to be relaxed for Section 110 SPVs (and especially for Eurobond financing). They argued
31:
2419:"Securitisation industry lobby Government to amend Companies (Auditing & Accounting) Bill"
2132:
Garcia-Bernardo, Javier; Fichtner, Jan; Takes, Frank W.; Heemskerk, Eelke M. (13 March 2017).
1021:
lenders were also using Section 110 SPVs to avoid taxes but in addition, by restructuring the
4279:
3063:
2888:
Figure 3. Foreign Direct Investment - Over half of Irish outbound FDI is routed to Luxembourg
2590:
2566:
1431:
1374:
1369:
1270:
1263:
1235:
1219:
1215:
1147:
1085:
1067:
1063:
1059:
839:
782:
744:
691:
638:
634:
627:
623:
618:
585:
562:
518:
489:
356:
316:
171:
159:
147:
108:
3925:"UN says Ireland applies 'preferential tax laws' to vultures funds and it 'cannot continue'"
2370:
1725:
1523:"Ireland has world's fourth largest shadow banking sector, hosting €2.02 trillion of assets"
1066:(a) knew these funds were using Section 110 SPVs in the domestic Irish market, and (b) that
956:, A&L Goodbody and Dillon Eustace and Mayson Hayes Curran), who use Section 110 SPVs in
626:
against an Irish Section 110 SPV. Up until 2017, no audit even has ever been undertaken by
239:), which meant that with appropriate financial structuring, no Irish taxes (including Irish
2155:
437:
It goes well beyond the original classic securitisation categories and currently includes:
1154:
The limited response of the Irish Government led some Irish commentators to wonder if the
788:
Abuses of Section 110 SPVs in the Irish domestic market (see below), led Finance Minister
765:
Irish professional services have developed ways to link Irish Section 110 SPVs with Irish
8:
4332:
4296:
3909:
3098:
1469:
1436:
1347:
1343:
1291:
1223:
1010:
1000:
972:
953:
899:
728:
720:
668:
573:
558:
244:
155:
2159:
1284:
collect on SPVs is limited (and contained inaccuracies and mistakes vs. ECB statistics).
424:
notifies the Irish tax authorities that it is a company to which points (a) to (e) apply
118:
The abuses were discovered because Section 110 SPVs file public accounts with the Irish
4337:
4248:
4227:
2176:
2145:
2133:
1316:
1128:
The Irish Government claimed that the U.S. funds had discovered unknown but legitimate
88:
2199:
4291:
4263:
3543:
2181:
1918:"Tax avoidance clampdown expected to take in €50 million 'should yield €500 million'"
1018:
505:
460:
Acceptance credits and all other documents of title relating to the movement of goods
352:
248:
187:
137:
3812:"Master of the High Court says vulture funds may be exploiting another tax loophole"
3208:
1843:"Changes to Section 110 Regime Relating to Irish SPVs Holding Irish Property Assets"
829:(PPN). A weakness of Section 110 SPVs is their reliance on artificial PPNs for the
4258:
3960:
3064:"Government moves to amend Section 110 to close tax loophole used by vulture funds"
2258:
Such profit shifting leads to a total annual revenue loss of $ 200 billion globally
2171:
2163:
2073:
1901:"Accounting firms are telling vulture funds how to get around tax loophole closure"
1460:
Irish Revenue Qualifying companies (Section 110 Taxes Consolidation Act (TCA) 1997)
1408:
1359:
1328:
1170:
1097:
1022:
949:
908:
759:
606:
593:
501:
390:
As an ordinary Irish company, a Section 110 SPV usually takes one of 3 main forms:
220:
While Ireland had created securitisation SPVs from 1991 onwards for their emerging
203:
167:
4155:"'Strong evidence' Ireland is facilitating tax avoidance for major banks - Oxfam"
2300:
1683:
1456:, the lobby group set up by the Dublin tax-law firms that create Section 110 SPVs
1294:
type set up - a situation the Irish Government has stated that it is adverse to.
1071:
1048:
990:
925:
702:
687:
550:
404:
A "qualifying company" under Section 110 of the 1997 TCA means a company which:
323:
103:
1787:"How did the Government shaft mortgage holders and taxpayers in one fell swoop?"
838:
Three months after the Irish Central Bank updated its AIF "Rulebook", the Irish
4235:
2224:
2167:
1394:
1277:
barely meet to discuss Irish Section 110 SPVs (despite being joint regulators).
1194:
957:
664:
546:
418:
apart from activities ancillary to that business carries on no other activities
384:
301:
293:
282:
271:
225:
84:
2388:"KPMG calls for removal of Irish withholding tax controls on Section 110 SPVs"
2077:
1315:
Domicile of Irish Section 110 SPVs is cosmetic, with a handful of local Irish
472:
Commodities (i.e. tangible assets dealt in on a recognised commodity exchange)
288:
Irish companies had access to the EU's network of tax treaties in a preferred
4352:
3956:"Paddy Cosgrave, a weird press conference and €1,000 cash in brown envelopes"
3929:
2860:"Special Purpose Vehicles and the Securitisation Industry in Ireland Q&A"
1190:
1155:
1070:
were prepared to issue rulings to amend their own anti-avoidance rules (esp.
1006:
945:
929:
292:
legal system. However, offering Irish companies as vehicles for tax neutral
198:
3544:"The vulture fund paying very little tax on its billion-euro Irish incomes"
2371:"Securitisation framework modernised and IFSC non IFSC distinction removed"
2228:
2185:
1037:
882:
has addressed this aspect of Section 110 SPVs by upgrading the little used
500:
In common with most securitisation vehicles, Irish Section 110 SPVs use an
240:
83:(IFSC) legal and accounting firms compete for the administration of global
63:
4123:"MANTRAS AND MYTHS: A true picture of the corporate tax system in Ireland"
4019:"Russian bank collapse shines light into shadowy corners of Irish finance"
2659:"Irish Charities Regulator rejects Matheson Charities in Section 110 SPVs"
409:
is resident in Ireland and files accounts (i.e. is a normal Irish Company)
1109:
847:, moved out of Section 110 SPVs and into L-QIAIFs. The L–QIAIF, and the
686:
law firms successfully lobbied in the 2003 and 2005 Finance Acts for the
309:
Section 110 SPVs were limited to entities licensed to operate within the
3526:"Massive blow to vulture funds as arrears halted due to miscalculations"
3043:"Loophole allowing Vulture Funds to pay almost no Irish profit tax shut"
904:
4001:"Azerbaijan's biggest bank raised $ 900m via Irish SPVs before default"
3906:"CENTRAL BANK OF IRELAND: Enhancements to the L-QIAIF regime announced"
3095:"CENTRAL BANK OF IRELAND: Enhancements to the L–QIAIF regime announced"
2223:
2112:"A third of Ireland's shadow banking subject to little or no oversight"
716:
267:
256:
175:
3741:"Vulture funds are feasting tax-free on carcass of our property crash"
3116:"Update on Changes to Loan Originating Qualifying Investor AIF Regime"
2354:"A&L Goodbody lobbies for Section 110 changes in 2003 Finance Act"
1937:. David McWilliams Sunday Business Post. 1 August 2016. Archived from
663:
Irish Debt Securities Association (IDSA) launch in 2013 with Minister
4196:
2623:"Law firm defends use of charities to help hedge funds cut tax bills"
2271:"Ireland is the world's biggest corporate 'tax haven', say academics"
2131:
1964:"Noonan is accused of 'rolling out the red carpet for vulture funds'"
1218:. Section 110 SPVs have helped make Ireland the fifth largest global
1141:
1129:
713:
610:
605:
There is no process for approving the creation of a Section 110 SPV.
554:
542:
2296:"Ireland is a tax haven — and that's becoming controversial at home"
1654:. Stephen Donnelly (Dáil Submission). September 2016. Archived from
1564:"Only lawyers and accountants gain from Irish 'SPVs' - Central Bank"
597:
administrator, and that the key Board meetings are held in Ireland.
359:
would controversially set these anti-avoidance rules aside in 2016 (
266:
who already had zero domestic taxes (i.e. Bermuda, the Cayman). As
3634:"Central Bank landlord a vulture fund paying no Irish tax, says SF"
3365:"How do vulture funds manage to pay practically no tax in Ireland?"
2150:
1860:"Changes to Section 110 of the Taxes and Consolidation Act of 1997"
1159:
1133:
1074:
rules and CG50 land certificates) to facilitate the tax avoidance.
347:
structure, there is no loss of Irish taxes to the Irish exchequer.
112:
3351:"Kinsella: Charity status for vulture funds - someone shout stop!"
3307:"Vulture funds using charities to avoid paying tax, says Donnelly"
1108:
effects), could reach €20 billion (or €2 billion per annum). The
421:
undertakes the first transaction for a value of not less than €10m
4253:
3482:"VULTURE FUNDS GORGE ON IRELAND BECAUSE THE GOVERNMENT LETS THEM"
3251:"Revealed: How vulture funds paid €20k in tax on assets of €20bn"
2915:"PwC calls for Section 110 to be exempted from 2005 Finance Bill"
2641:"Revenue queries use of registered charities in "shadow banking""
2323:"An Introduction to Securitisation in Ireland Dillon Eustace Law"
633:
The Section 110 SPV is therefore set up and a notice sent to the
277:
Onshore competitors, like Luxembourg and the Netherlands, used a
4073:"Former Regulator says Irish politicians mindless of IFSC risks"
3983:"'We don't want brass plate firms that come for tax advantages'"
3579:"Wall Street is Europe's landlord and tenants are fighting back"
2806:"Call for SPV shake-up to make Ireland world leader by the IDSA"
3870:"US vulture funds lobbied Government over proposed tax changes"
3723:"Lawyers and accountants share in €100m fees from SPVs in IFSC"
3265:"Dublin unit of US hedge fund with $ 8bn assets pays $ 125 tax"
2757:"Revenue probes 40 'tax-neutral' companies for suspected abuse"
2722:"Lawyers and accountants share in €100m fees from SPVs in IFSC"
2605:"Wealthy firms 'using charitable status to avoid paying taxes'"
1726:"Vulture funds pay just €8,000 in tax on €10 billion of assets"
1388:
383:, or LQIAIFs and QIFs, were not deemed suitable for the global
326:
rules would prevent domestic profits leaving Ireland, untaxed).
3856:"Public Accounts Committee Noonan ill-advised on fund meeting"
3226:"Loophole lets firms earning millions pay €250 tax, Dáil told"
2946:"Ireland as a location for Distressed Debt: Super QIF Example"
1116:
592:
in Ireland and (b) "managed and controlled" from Ireland. The
4109:"Ireland could be potential tax haven under EU rules - Oxfam"
3432:"ANDY: CONSOLE WAS BAD, CORPORATE TAX AVOIDANCE IS FAR WORSE"
1880:"Noonan's efforts to tax 'vulture' funds seen as ineffective"
667:, IDSA CEO Gary Palmer, and IDSA Chairman Turlough Galvin of
91:
vehicle in EU securitisation. Section 110 SPVs have made the
3660:"Revealed: Nama, the vultures and the Section 110 tax dodge"
2044:"IMF queries lawyers and bankers on hundreds of IFSC boards"
445:
Futures, options, swaps, derivatives and similar instruments
4037:"More than €100bn in Russian Money funneled through Dublin"
3777:"Nama paid €158m in tax after section 110 loophole closure"
3759:"Michael Noonan to target vulture funds with €50m tax bill"
2960:"Irish Qualifying Investor Funds and Section 110 Companies"
1350:. It has coincided with G20 economy, Brazil, blacklisting
952:
Section 110 SPVs, structured by IFSC–based law firms (e.g.
848:
830:
207:
3838:"Row as Noonan is accused of being a 'vulture-fund lover'"
3561:"Vulture funds ramp up number of debt chase cases tenfold"
3171:"Irish Loan Originating Funds (L–QIAIFs): An Introduction"
451:
Obligations evidencing debt (including loans and deposits)
322:
Existing Irish anti-avoidance tax rules would apply (e.g.
3677:"Revenue warns firms over sale of loans to vulture funds"
1935:"Vulture funds rub salt into the carcass of this country"
609:
showed pre-approving vehicles, risks challenges under EU
252:
4091:"Irish SPVs more a worry for other countries than State"
3597:"State-backed funds using Section 110 to slash tax bill"
3286:"Cerberus paid €1,900 tax on €77m Project Eagle profits"
2027:. Professor Jim Stewart Cillian Doyle. 27 February 2018.
1595:"REVEALED: the vulture funds that paid just €250 in tax"
812:
began a consultation process to upgrade the little-used
705:
rules put the IFSC at a disadvantage versus Luxembourg.
694:
could still challenge any Section 110 SPV deemed unfit (
3414:"'Aggressive' vulture funds swoop in on Irish property"
3078:"Finance Bill 2016 Amendments to Securitisation Regime"
2792:"Section 110 companies - New notification requirements"
2584:"Notification to be a 'qualifying company' Section 110"
2007:. Professor Jim Stewart Cillian Doyle. 12 January 2017.
1427:
Qualifying investor alternative investment fund (QIAIF)
1169:, moved out of Section 110 SPVs. This figure exceeded
1032:
It emerged that the regulator of Section 110 SPVs, the
381:
Qualifying investor alternative investment fund (QIAIF)
4055:"Ireland is world's fourth-largest shadow banking hub"
2842:"Irish shadow banking dwarfs more traditional sectors"
2002:"'Section 110' Companies: A Success story for Ireland"
1705:"Ireland confronts another tax scandal closer to home"
186:. In June 2018, tax academics showed Ireland was the
2492:"Irish Structures for investing in Distressed Assets"
1453:
469:
Contracts for insurance and contracts for reinsurance
313:(in 1997, the IFSC was an 11–hectare site in Dublin).
262:
Full tax neutrality was available as standard in the
3615:"Cardinal Capital warns of damage by new S110 Rules"
3121:. Author Cox Law Firm. December 2016. Archived from
2438:"Ireland as a domicile for Special Purpose Vehicles"
2022:"Ireland, Global Finance and the Russian Connection"
1597:. Sunday Business Post. 24 July 2016. Archived from
1384:
1189:
In March 2019, the UN Special Rapporter on housing,
259:) would apply inside the new Irish Section 110 SPV.
3695:"International and Irish CG50 Tax Update July 2016"
3325:"Why would a Vulture Fund own a Children's Charity"
2824:"Irish special purpose vehicle assets reach €763bn"
2200:"Global Shadow Banking and Monitoring Report: 2017"
2095:"How Russian Firms Funnelled €100bn through Dublin"
3461:"Project Eagle's potential loss bigger than £190m"
1249:Their research in particular noted the following:
2865:. Irish Debt Securities Association (IDSA). 2016.
2745:. Irish Debt Securities Association (IDSA). 2016.
1472:, leading academic research into Section 110 SPVs
773:. This vehicle combines the secrecy of the Irish
630:into the activities of an Irish Section 110 SPV.
4350:
3484:. Dublin Inquirer. 16 March 2016. Archived from
3327:. Dáil Éireann. 24 November 2016. Archived from
2679:. Chartered Accountants of Ireland. August 2016.
2289:
2287:
924:The Irish financial media noted in 2016 that US
3434:. Dublin Inquirer. 26 July 2016. Archived from
1491:"Ireland is top Eurozone jurisdiction for SPVs"
1319:Firms (CSP) "managing" thousands of Irish SPVs.
1243:
3922:
2509:"Ireland as a Domicile for Structured Finance"
2066:Journal of Financial Regulation and Compliance
866:(CBI) regulates Section 110 SPVs. When Irish
553:transferring the PPN interest payments to the
4212:
3814:. Irish Legal News. July 2017. Archived from
3110:
3108:
2710:. Dillon Eustace Law Partners (Dublin). 2016.
2497:. Dillon Eustace Law Partners (Dublin). 2010.
2284:
1624:"How do vulture funds exploit tax loopholes?"
1200:
893:
412:acquires "qualifying assets" (see list below)
182:showed SPVs had made Ireland the 3rd largest
3709:"Speedy probe into vulture funds' tax urged"
3455:
3453:
3280:
3278:
3220:
3218:
2063:
1684:"Forget Apple: Ireland's other taxing issue"
1177:had begun a process to upgrade the tax-free
1054:Public statements, Guideline Bulletins, and
655:Corporate haven § Debt-based BEPS tools
3387:. UNITE HERE. February 2017. Archived from
3253:. The Sunday Business Post. 8 January 2017.
2965:. FS Taxation. October 2013. Archived from
2541:"Irish Securitisation Section 110 Vehicles"
2293:
2227:; Thomas Torslov; Ludvig Wier (June 2018).
1985:"What did Noonan know about vultures' tax?"
1845:. William Fry Solicitors. 8 September 2016.
1465:Irish Central Bank Special Purpose Vehicles
1357:A 2017 seminal academic paper published in
756:International Financial Reporting Standards
4219:
4205:
3953:
3662:. Sunday Business Post. 11 September 2016.
3145:
3143:
3105:
2543:. International Tax Review. 15 March 2015.
1589:
1587:
1585:
1583:
1581:
1579:
1577:
1549:. Irish Debt Securities Association. 2016.
1422:Corporation tax in the Republic of Ireland
216:Corporation tax in the Republic of Ireland
4128:. RTÉ News. February 2017. Archived from
3671:
3669:
3555:
3553:
3450:
3275:
3215:
3156:. Dillon Eustace Law Firm. February 2018.
2175:
2149:
2127:
2125:
2097:. The Sunday Business Post. 4 March 2018.
1958:
1956:
1297:Of particular note in this research was:
1207:Central Bank of Ireland § Criticisms
52:Irish Section 110 special purpose vehicle
3631:
3476:
3474:
3301:
3299:
3245:
3243:
3241:
3239:
2432:
2430:
2428:
2337:"Securitisation to grow further in 2003"
1802:
1800:
1558:
1556:
1210:
903:
858:
826:
762:rules do not apply to Section 110 SPVs.
752:Generally Accepted Accounting Principles
707:
658:
514:
197:
158:companies with low supervision from the
136:
102:In June 2016, it was discovered that US
79:Section 110 was created in 1997 to help
38:
30:For broader coverage of this topic, see
4187:"Brazil's Tax Haven Verdict on Ireland"
4173:"Brazil Adds Ireland to Tax Haven List"
3382:"Oaktree, Mars Capital and Section 110"
3376:
3374:
3185:
3183:
3140:
3089:
3087:
3058:
3056:
2903:. William Fry Law Firm. September 2016.
2874:
2872:
2691:"The meaning of changes to Section 110"
2578:
2576:
2560:"Section 110: entitlement to treatment"
2554:
2552:
2550:
2106:
2104:
2089:
2087:
2059:
2057:
2016:
2014:
1996:
1994:
1979:
1977:
1854:
1852:
1837:
1835:
1739:
1737:
1735:
1574:
222:International Financial Services Centre
81:International Financial Services Centre
44:International Financial Services Centre
14:
4351:
4226:
3666:
3550:
3508:"Apollo's vulture clipped by tax bill"
3176:. William Fry Law Firm. February 2018.
3018:
2514:. Arthur Cox Law. 2014. Archived from
2469:
2467:
2122:
2038:
2036:
2034:
1953:
1929:
1927:
1912:
1910:
1895:
1893:
1874:
1872:
1781:
1779:
1760:
1758:
1538:
1536:
524:
480:
4200:
3711:. Sunday Business Post. 25 July 2016.
3589:
3471:
3353:. Sunday Business Post. 24 July 2016.
3296:
3236:
3209:"German bank losses prompt IFSC raid"
3165:
3163:
3001:
2786:
2784:
2425:
2399:
2397:
2382:
2380:
2365:
2363:
2348:
2346:
2242:
1987:. Sunday Business Post. 31 July 2016.
1813:. KPMG. November 2016. Archived from
1808:"KPMG Finance Bill 2016 Taxing Times"
1797:
1766:"Tax avoidance could run to billions"
1720:
1718:
1699:
1697:
1618:
1616:
1553:
1158:had their support (i.e. there was no
448:Invoices and all types of receivables
371:
4065:
3804:
3733:
3371:
3180:
3084:
3053:
2929:"Irish Finance Companies Tax Issues"
2869:
2677:"Revenue Guidance Notes Section 110"
2573:
2547:
2480:. Grant Thornton. 30 September 2015.
2233:National Bureau of Economic Research
2192:
2101:
2084:
2054:
2011:
1991:
1974:
1865:. McCann Fitzgerald. September 2016.
1849:
1832:
1732:
1678:
1676:
1643:
1641:
1639:
1637:
928:funds (known by the pejorative term–
833:movement. L–QIAIFs do not need PPNs.
454:Leases and loan and lease portfolios
429:
170:listed Ireland as one of the global
4384:Taxation in the Republic of Ireland
3916:
3795:"Response to the 2016 Finance Bill"
2901:"Changes to the Section 110 Regime"
2464:
2263:
2217:
2031:
1924:
1907:
1890:
1869:
1776:
1755:
1533:
1043:The Irish media uncovered that the
719:and PwC (Ireland) Managing Partner
600:
588:to demonstrate that the SPV is (a)
495:
355:of 20% in such situations, but the
281:legal system, also less favored by
87:deals, and by 2017 was the largest
24:
4389:Economy of the Republic of Ireland
4309:Collateralized mortgage obligation
3800:. Stephen Donnelly. November 2016.
3697:. Maples and Calder. 14 July 2016.
3632:McGreevy, Ronan (28 August 2016).
3160:
2781:
2394:
2377:
2360:
2343:
1715:
1694:
1613:
1509:"Structured Finance (Section 110)"
1417:Economy of the Republic of Ireland
1242:. Even post the 2016 Finance Act (
1084:Gerry Howard, Assistant Secretary
442:Shares, bonds and other securities
231:The new Section 110 SPV was fully
73:Irish Taxes Consolidation Act 1997
25:
4420:
3080:. Finance Magazine. January 2017.
2777:. Irish Revenue. 14 January 2010.
2460:. Ernst and Young (Dublin). 2014.
2421:. Finance Magazine. January 2003.
2407:. Finance Dublin. September 2006.
1920:. thejournal.ie. 12 October 2016.
1673:
1634:
1454:Irish Debt Securities Association
1447:
1244:§ Vulture fund tax avoidance
397:public limited company (PLC); and
174:which use SPVs to route funds to
4179:
4165:
4147:
4115:
4101:
4083:
4047:
4029:
4011:
3993:
3975:
3947:
3923:Christina Finn (27 March 2019).
3898:
3880:
3862:
3848:
3830:
3787:
3769:
3751:
3715:
3701:
3687:
3652:
3625:
3607:
3571:
3536:
3031:. Dillon Eustace. November 2015.
3026:"A Guide to Investing in QIAIFs"
2229:"The Missing Profits of Nations"
1903:. thejournal.ie. 5 October 2016.
1728:. thejournal.ie. 8 January 2017.
1401:
1387:
1106:base erosion and profit shifting
1102:National Asset Management Agency
1045:National Asset Management Agency
800:The abuses highlighted that the
579:
4189:. Flight Global. November 2016.
3518:
3500:
3424:
3406:
3357:
3343:
3317:
3257:
3201:
3070:
3035:
2997:. Mason Hayes+Curran Law. 2012.
2984:
2952:
2938:
2921:
2907:
2893:
2852:
2834:
2816:
2798:
2767:
2749:
2732:
2714:
2697:
2683:
2669:
2651:
2633:
2615:
2597:
2533:
2501:
2484:
2455:"The Irish Section 110 Company"
2447:
2411:
2356:. Finance Dublin. January 2003.
2329:
2315:
1222:, and one of the largest EU–28
466:Certain types of carbon offsets
66:company, which qualifies under
4327:Collateralized fund obligation
4321:Collateralized loan obligation
4315:Collateralized bond obligation
4303:Collateralized debt obligation
4175:. PWC Ireland. September 2016.
2705:"Holding Companies in Ireland"
2693:. PWC Ireland. September 2016.
2235:, Working Papers. p. 31.
1515:
1501:
1483:
1338:The ex-Deputy Governor of the
541:PPNs are often domiciled in a
394:private limited company (LTD);
27:Irish zero-tax legal structure
13:
1:
4111:. RTÉ News. 28 November 2017.
3066:. RTÉ News. 6 September 2016.
2794:. Grant Thornton. March 2017.
2294:Aidan Regan (25 April 2019).
1476:
918:
750:To protect the PPNs from the
698:
549:may be needed to avoid Irish
333:
3954:Gavin Daly (21 April 2019).
3367:. Emma Clancy. 30 July 2016.
2237:Appendix Table 2: Tax Havens
2209:. 5 March 2018. p. 30.
932:) were filing Irish company
648:
7:
3211:. RTÉ News. 13 August 2008.
2884:International Monetary Fund
1380:
979:Cerberus Capital Management
867:
794:
510:
366:
360:
340:
193:
10:
4425:
4244:Securitization transaction
2948:. Davy Stockbrokers. 2014.
2168:10.1038/s41598-017-06322-9
1365:offshore financial centres
1204:
1201:Unregulated shadow banking
1036:, was paying rent to a US
969:Oaktree Capital Management
897:
894:Vulture fund tax avoidance
827:Profit Participating Notes
741:Irish corporate tax regime
652:
515:§ Participation notes
264:offshore financial centres
213:
29:
4272:
4234:
3858:. RTÉ News. 3 April 2017.
2934:. A&L Goodbody. 2012.
2917:. Finance Magazine. 2005.
2886:. June 2018. p. 20.
2880:"Ireland:Selected Issues"
2207:Financial Stability Forum
2078:10.1108/JFRC-02-2017-0019
854:
387:transaction marketplace.
188:world's largest tax haven
180:Financial Stability Forum
95:the third largest global
4369:Types of business entity
4286:Mortgage-backed security
985:Apollo Global Management
4394:Corporate tax avoidance
2443:. Dillon Eustace. 2016.
1340:Central Bank of Ireland
1310:Central Bank of Ireland
1282:Central Bank of Ireland
1275:Central Bank of Ireland
1216:Uncovering OFC Networks
1175:Central Bank of Ireland
1034:Central Bank of Ireland
880:Central Bank of Ireland
864:Central Bank of Ireland
810:Central Bank of Ireland
802:Central Bank of Ireland
769:(or QIFs) to create an
457:Hire purchase contracts
164:Central Bank of Ireland
124:Central Bank of Ireland
3546:. FORA. 13 March 2016.
3014:. KPMG. November 2015.
3009:"KPMG Ireland: QIAIFs"
1442:Ireland as a tax haven
1352:Ireland as a tax haven
1232:Trinity College Dublin
1227:
1095:
913:
888:Ireland as a tax haven
871:
723:
672:
211:
151:
47:
32:Ireland as a tax haven
4409:Offshore magic circle
4280:Asset-backed security
2992:"Ireland's Super QIF"
2591:Revenue Commissioners
2567:Revenue Commissioners
1432:Conduit and Sink OFCs
1214:
1162:just a "blind eye").
1086:Revenue Commissioners
1076:
944:filings showed these
907:
862:
840:Revenue Commissioners
711:
662:
619:Revenue Commissioners
519:Revenue Commissioners
492:on Section 110 SPVs.
490:Revenue Commissioners
201:
178:. In March 2018, the
148:Revenue Commissioners
140:
42:
3621:. 11 September 2016.
3467:. 25 September 2016.
3049:. 16 September 2016.
2475:"Irish SPV Taxation"
2050:. 30 September 2016.
1711:. 11 September 2016.
1511:. PWC Ireland. 2016.
1224:corporate tax havens
808:. In late 2016 the
771:Orphaned Super–QIAIF
4333:Senior stretch loan
4297:Credit default swap
4273:Types of securities
4025:. 25 February 2016.
3989:. 24 November 2016.
3912:. 29 November 2016.
3910:Matheson (law firm)
3585:. 10 December 2016.
3567:. 4 September 2017.
3488:on 30 November 2022
3420:. 18 February 2017.
3292:. 29 November 2016.
3101:. 29 November 2016.
3099:Matheson (law firm)
2972:on 14 November 2017
2254:Wall Street Journal
2160:2017NatSR...7.6246G
1820:on 22 November 2017
1690:. 6 September 2016.
1661:on 14 November 2017
1437:Matheson (law firm)
1348:corporate tax haven
1098:Stephen Donnelly TD
900:Matheson (law firm)
574:thin capitalisation
559:corporate tax haven
525:Participation notes
481:Structural elements
475:Plant and machinery
245:capital gains taxes
60:section 110 company
4404:Offshore law firms
4399:Offshore companies
4338:Structured product
4249:Credit enhancement
4228:Structured finance
4097:. 13 January 2017.
3876:. 21 January 2017.
3783:. 1 February 2017.
3765:. 11 October 2016.
3514:. 17 January 2017.
2138:Scientific Reports
1630:. 17 October 2016.
1333:Shadow Banking OFC
1317:Corporate services
1228:
914:
872:
724:
678:Shadow Banking OFC
673:
572:As Ireland has no
372:Qualifying company
212:
184:Shadow Banking OFC
152:
97:Shadow Banking OFC
89:structured finance
48:
4346:
4345:
4292:Credit derivative
4159:Irish Independent
4135:on 3 October 2017
4023:Irish Independent
4005:Irish Independent
3987:Irish Independent
3747:. 30 August 2016.
3745:Irish Independent
3729:. 4 October 2016.
3565:Irish Independent
3532:. 4 January 2018.
3530:Irish Independent
3465:Irish Independent
3271:. 15 August 2016.
3047:Irish Independent
2846:Irish Independent
2812:. 5 October 2017.
2810:Irish Independent
2761:Irish Independent
2740:"SPVs in Ireland"
2728:. 4 October 2016.
2629:. 27 August 2015.
1968:Irish Independent
1886:. 3 October 2016.
1791:Irish Independent
1770:Irish Independent
1751:. 21 August 2016.
1749:Irish Independent
1570:. 5 October 2016.
1568:Irish Independent
1527:Irish Independent
1497:. 19 August 2017.
1495:Irish Independent
1088:, 26 March 2016 (
1019:Mezzanine capital
594:orphaning process
506:charitable trusts
430:Qualifying assets
353:withholding taxes
249:withholding taxes
141:Finance Minister
16:(Redirected from
4416:
4379:Money laundering
4359:Offshore finance
4259:Orphan structure
4221:
4214:
4207:
4198:
4197:
4191:
4190:
4183:
4177:
4176:
4169:
4163:
4162:
4161:. 27 March 2017.
4151:
4145:
4144:
4142:
4140:
4134:
4127:
4119:
4113:
4112:
4105:
4099:
4098:
4087:
4081:
4080:
4069:
4063:
4062:
4051:
4045:
4044:
4033:
4027:
4026:
4015:
4009:
4008:
3997:
3991:
3990:
3979:
3973:
3972:
3970:
3968:
3961:The Sunday Times
3951:
3945:
3944:
3939:
3937:
3920:
3914:
3913:
3902:
3896:
3895:
3884:
3878:
3877:
3866:
3860:
3859:
3852:
3846:
3845:
3834:
3828:
3827:
3825:
3823:
3808:
3802:
3801:
3799:
3791:
3785:
3784:
3773:
3767:
3766:
3755:
3749:
3748:
3737:
3731:
3730:
3719:
3713:
3712:
3705:
3699:
3698:
3691:
3685:
3684:
3683:. 26 March 2016.
3673:
3664:
3663:
3656:
3650:
3649:
3647:
3645:
3629:
3623:
3622:
3611:
3605:
3604:
3593:
3587:
3586:
3575:
3569:
3568:
3557:
3548:
3547:
3540:
3534:
3533:
3522:
3516:
3515:
3504:
3498:
3497:
3495:
3493:
3478:
3469:
3468:
3457:
3448:
3447:
3445:
3443:
3428:
3422:
3421:
3410:
3404:
3403:
3401:
3399:
3394:on 26 April 2018
3393:
3386:
3378:
3369:
3368:
3361:
3355:
3354:
3347:
3341:
3340:
3338:
3336:
3321:
3315:
3314:
3303:
3294:
3293:
3282:
3273:
3272:
3261:
3255:
3254:
3247:
3234:
3233:
3222:
3213:
3212:
3205:
3199:
3198:
3187:
3178:
3177:
3175:
3167:
3158:
3157:
3155:
3147:
3138:
3137:
3135:
3133:
3127:
3120:
3112:
3103:
3102:
3091:
3082:
3081:
3074:
3068:
3067:
3060:
3051:
3050:
3039:
3033:
3032:
3030:
3022:
3016:
3015:
3013:
3005:
2999:
2998:
2996:
2988:
2982:
2981:
2979:
2977:
2971:
2964:
2956:
2950:
2949:
2942:
2936:
2935:
2933:
2925:
2919:
2918:
2911:
2905:
2904:
2897:
2891:
2890:
2876:
2867:
2866:
2864:
2856:
2850:
2849:
2848:. 17 March 2018.
2838:
2832:
2831:
2820:
2814:
2813:
2802:
2796:
2795:
2788:
2779:
2778:
2771:
2765:
2764:
2753:
2747:
2746:
2744:
2736:
2730:
2729:
2718:
2712:
2711:
2709:
2701:
2695:
2694:
2687:
2681:
2680:
2673:
2667:
2666:
2665:. 28 April 2017.
2655:
2649:
2648:
2637:
2631:
2630:
2619:
2613:
2612:
2601:
2595:
2594:
2593:. February 2018.
2588:
2580:
2571:
2570:
2564:
2556:
2545:
2544:
2537:
2531:
2530:
2528:
2526:
2521:on 16 March 2018
2520:
2513:
2505:
2499:
2498:
2496:
2488:
2482:
2481:
2479:
2471:
2462:
2461:
2459:
2451:
2445:
2444:
2442:
2434:
2423:
2422:
2415:
2409:
2408:
2401:
2392:
2391:
2384:
2375:
2374:
2367:
2358:
2357:
2350:
2341:
2340:
2333:
2327:
2326:
2319:
2313:
2312:
2310:
2308:
2291:
2282:
2281:
2277:. 13 June 2018.
2267:
2261:
2260:
2256:. 10 June 2018.
2246:
2240:
2239:
2221:
2215:
2214:
2204:
2196:
2190:
2189:
2179:
2153:
2129:
2120:
2119:
2108:
2099:
2098:
2091:
2082:
2081:
2061:
2052:
2051:
2040:
2029:
2028:
2026:
2018:
2009:
2008:
2006:
1998:
1989:
1988:
1981:
1972:
1971:
1970:. 16 March 2015.
1960:
1951:
1950:
1948:
1946:
1941:on 19 March 2018
1931:
1922:
1921:
1914:
1905:
1904:
1897:
1888:
1887:
1876:
1867:
1866:
1864:
1856:
1847:
1846:
1839:
1830:
1829:
1827:
1825:
1819:
1812:
1804:
1795:
1794:
1783:
1774:
1773:
1762:
1753:
1752:
1741:
1730:
1729:
1722:
1713:
1712:
1701:
1692:
1691:
1680:
1671:
1670:
1668:
1666:
1660:
1653:
1645:
1632:
1631:
1620:
1611:
1610:
1608:
1606:
1591:
1572:
1571:
1560:
1551:
1550:
1548:
1540:
1531:
1530:
1529:. 18 March 2018.
1519:
1513:
1512:
1505:
1499:
1498:
1487:
1411:
1409:Companies portal
1406:
1405:
1404:
1397:
1392:
1391:
1171:Stephen Donnelly
1093:
997:Carval Investors
909:Stephen Donnelly
760:Transfer Pricing
721:Feargal O'Rourke
701:), and that the
671:’s Tax Practice.
607:Luxembourg Leaks
601:Approval process
502:orphan structure
496:Orphan structure
338:
335:
204:Charlie McCreevy
122:. In 2018, the
21:
4424:
4423:
4419:
4418:
4417:
4415:
4414:
4413:
4349:
4348:
4347:
4342:
4268:
4230:
4225:
4195:
4194:
4185:
4184:
4180:
4171:
4170:
4166:
4153:
4152:
4148:
4138:
4136:
4132:
4125:
4121:
4120:
4116:
4107:
4106:
4102:
4095:The Irish Times
4089:
4088:
4084:
4079:. 5 March 2018.
4077:The Irish Times
4071:
4070:
4066:
4059:The Irish Times
4053:
4052:
4048:
4043:. 4 March 2018.
4041:The Irish Times
4035:
4034:
4030:
4017:
4016:
4012:
4007:. 20 June 2017.
3999:
3998:
3994:
3981:
3980:
3976:
3966:
3964:
3952:
3948:
3935:
3933:
3921:
3917:
3904:
3903:
3899:
3894:. 28 June 2018.
3886:
3885:
3881:
3868:
3867:
3863:
3854:
3853:
3849:
3836:
3835:
3831:
3821:
3819:
3818:on 13 July 2018
3810:
3809:
3805:
3797:
3793:
3792:
3788:
3775:
3774:
3770:
3757:
3756:
3752:
3739:
3738:
3734:
3721:
3720:
3716:
3707:
3706:
3702:
3693:
3692:
3688:
3675:
3674:
3667:
3658:
3657:
3653:
3643:
3641:
3638:The Irish Times
3630:
3626:
3613:
3612:
3608:
3595:
3594:
3590:
3577:
3576:
3572:
3559:
3558:
3551:
3542:
3541:
3537:
3524:
3523:
3519:
3506:
3505:
3501:
3491:
3489:
3480:
3479:
3472:
3459:
3458:
3451:
3441:
3439:
3430:
3429:
3425:
3418:Financial Times
3412:
3411:
3407:
3397:
3395:
3391:
3384:
3380:
3379:
3372:
3363:
3362:
3358:
3349:
3348:
3344:
3334:
3332:
3331:on 11 June 2018
3323:
3322:
3318:
3313:. 14 July 2016.
3305:
3304:
3297:
3284:
3283:
3276:
3263:
3262:
3258:
3249:
3248:
3237:
3224:
3223:
3216:
3207:
3206:
3202:
3197:. 28 June 2018.
3189:
3188:
3181:
3173:
3169:
3168:
3161:
3153:
3149:
3148:
3141:
3131:
3129:
3125:
3118:
3114:
3113:
3106:
3093:
3092:
3085:
3076:
3075:
3071:
3062:
3061:
3054:
3041:
3040:
3036:
3028:
3024:
3023:
3019:
3011:
3007:
3006:
3002:
2994:
2990:
2989:
2985:
2975:
2973:
2969:
2962:
2958:
2957:
2953:
2944:
2943:
2939:
2931:
2927:
2926:
2922:
2913:
2912:
2908:
2899:
2898:
2894:
2878:
2877:
2870:
2862:
2858:
2857:
2853:
2840:
2839:
2835:
2830:. 18 July 2017.
2822:
2821:
2817:
2804:
2803:
2799:
2790:
2789:
2782:
2773:
2772:
2768:
2763:. 24 July 2016.
2755:
2754:
2750:
2742:
2738:
2737:
2733:
2720:
2719:
2715:
2707:
2703:
2702:
2698:
2689:
2688:
2684:
2675:
2674:
2670:
2657:
2656:
2652:
2647:. 27 July 2016.
2639:
2638:
2634:
2621:
2620:
2616:
2611:. 13 July 2016.
2603:
2602:
2598:
2586:
2582:
2581:
2574:
2562:
2558:
2557:
2548:
2539:
2538:
2534:
2524:
2522:
2518:
2511:
2507:
2506:
2502:
2494:
2490:
2489:
2485:
2477:
2473:
2472:
2465:
2457:
2453:
2452:
2448:
2440:
2436:
2435:
2426:
2417:
2416:
2412:
2403:
2402:
2395:
2386:
2385:
2378:
2369:
2368:
2361:
2352:
2351:
2344:
2339:. January 2003.
2335:
2334:
2330:
2321:
2320:
2316:
2306:
2304:
2301:Washington Post
2292:
2285:
2269:
2268:
2264:
2248:
2247:
2243:
2222:
2218:
2202:
2198:
2197:
2193:
2130:
2123:
2116:The Irish Times
2110:
2109:
2102:
2093:
2092:
2085:
2062:
2055:
2048:The Irish Times
2042:
2041:
2032:
2024:
2020:
2019:
2012:
2004:
2000:
1999:
1992:
1983:
1982:
1975:
1962:
1961:
1954:
1944:
1942:
1933:
1932:
1925:
1916:
1915:
1908:
1899:
1898:
1891:
1878:
1877:
1870:
1862:
1858:
1857:
1850:
1841:
1840:
1833:
1823:
1821:
1817:
1810:
1806:
1805:
1798:
1793:. 10 July 2016.
1785:
1784:
1777:
1772:. 24 July 2016.
1764:
1763:
1756:
1743:
1742:
1733:
1724:
1723:
1716:
1709:Financial Times
1703:
1702:
1695:
1682:
1681:
1674:
1664:
1662:
1658:
1651:
1647:
1646:
1635:
1622:
1621:
1614:
1604:
1602:
1601:on 24 June 2018
1593:
1592:
1575:
1562:
1561:
1554:
1546:
1542:
1541:
1534:
1521:
1520:
1516:
1507:
1506:
1502:
1489:
1488:
1484:
1479:
1450:
1407:
1402:
1400:
1393:
1386:
1383:
1325:
1287:
1209:
1203:
1094:
1083:
1072:withholding tax
1062:, implied that
1049:distressed debt
1047:, presented to
1027:corporation tax
1016:
991:Lone Star Funds
926:distressed debt
919:§ Creation
902:
896:
868:public scandals
857:
836:
703:withholding tax
699:§ Creation
688:withholding tax
657:
651:
603:
582:
551:withholding tax
527:
498:
483:
478:
432:
427:
374:
369:
336:
329:
324:withholding tax
294:securitisations
237:tax transparent
235:(also known as
218:
196:
104:distressed debt
35:
28:
23:
22:
18:Section 110 SPV
15:
12:
11:
5:
4422:
4412:
4411:
4406:
4401:
4396:
4391:
4386:
4381:
4376:
4371:
4366:
4364:Legal entities
4361:
4344:
4343:
4341:
4340:
4335:
4330:
4324:
4318:
4312:
4306:
4300:
4294:
4289:
4283:
4276:
4274:
4270:
4269:
4267:
4266:
4261:
4256:
4251:
4246:
4240:
4238:
4236:Securitization
4232:
4231:
4224:
4223:
4216:
4209:
4201:
4193:
4192:
4178:
4164:
4146:
4114:
4100:
4082:
4064:
4061:. 10 May 2017.
4046:
4028:
4010:
3992:
3974:
3946:
3915:
3897:
3879:
3861:
3847:
3844:. 18 May 2016.
3842:Irish Examiner
3829:
3803:
3786:
3768:
3750:
3732:
3714:
3700:
3686:
3665:
3651:
3624:
3606:
3603:. 2 July 2017.
3588:
3583:New York Times
3570:
3549:
3535:
3517:
3499:
3470:
3449:
3438:on 3 July 2022
3423:
3405:
3370:
3356:
3342:
3316:
3295:
3274:
3256:
3235:
3232:. 6 July 2016.
3214:
3200:
3179:
3159:
3139:
3128:on 1 July 2018
3104:
3083:
3069:
3052:
3034:
3017:
3000:
2983:
2951:
2937:
2920:
2906:
2892:
2868:
2851:
2833:
2815:
2797:
2780:
2766:
2748:
2731:
2713:
2696:
2682:
2668:
2650:
2632:
2614:
2609:Irish Examiner
2596:
2572:
2546:
2532:
2500:
2483:
2463:
2446:
2424:
2410:
2393:
2376:
2359:
2342:
2328:
2314:
2283:
2262:
2241:
2225:Gabriel Zucman
2216:
2191:
2121:
2118:. 10 May 2017.
2100:
2083:
2072:(4): 396–412.
2053:
2030:
2010:
1990:
1973:
1952:
1923:
1906:
1889:
1868:
1848:
1831:
1796:
1775:
1754:
1731:
1714:
1693:
1672:
1633:
1612:
1573:
1552:
1532:
1514:
1500:
1481:
1480:
1478:
1475:
1474:
1473:
1467:
1462:
1457:
1449:
1448:External links
1446:
1445:
1444:
1439:
1434:
1429:
1424:
1419:
1413:
1412:
1398:
1395:Economy portal
1382:
1379:
1324:
1323:
1320:
1313:
1306:
1303:
1299:
1286:
1285:
1278:
1267:
1261:
1258:
1255:
1251:
1202:
1199:
1195:Paddy Cosgrave
1081:
1015:
1014:
1004:
994:
988:
982:
976:
965:
958:securitisation
895:
892:
856:
853:
835:
834:
823:
819:
790:Michael Noonan
665:Richard Bruton
650:
647:
602:
599:
581:
578:
565:jurisdiction.
547:dutch sandwich
526:
523:
497:
494:
482:
479:
477:
476:
473:
470:
467:
464:
461:
458:
455:
452:
449:
446:
443:
439:
431:
428:
426:
425:
422:
419:
416:
413:
410:
406:
402:
401:
398:
395:
385:securitisation
373:
370:
368:
365:
328:
327:
320:
314:
306:
302:securitisation
283:securitisation
272:securitisation
251:or even Irish
226:securitisation
195:
192:
143:Michael Noonan
85:securitisation
26:
9:
6:
4:
3:
2:
4421:
4410:
4407:
4405:
4402:
4400:
4397:
4395:
4392:
4390:
4387:
4385:
4382:
4380:
4377:
4375:
4374:Tax avoidance
4372:
4370:
4367:
4365:
4362:
4360:
4357:
4356:
4354:
4339:
4336:
4334:
4331:
4328:
4325:
4322:
4319:
4316:
4313:
4310:
4307:
4304:
4301:
4298:
4295:
4293:
4290:
4287:
4284:
4281:
4278:
4277:
4275:
4271:
4265:
4264:Shell company
4262:
4260:
4257:
4255:
4252:
4250:
4247:
4245:
4242:
4241:
4239:
4237:
4233:
4229:
4222:
4217:
4215:
4210:
4208:
4203:
4202:
4199:
4188:
4182:
4174:
4168:
4160:
4156:
4150:
4131:
4124:
4118:
4110:
4104:
4096:
4092:
4086:
4078:
4074:
4068:
4060:
4056:
4050:
4042:
4038:
4032:
4024:
4020:
4014:
4006:
4002:
3996:
3988:
3984:
3978:
3963:
3962:
3957:
3950:
3943:
3932:
3931:
3930:TheJournal.ie
3926:
3919:
3911:
3907:
3901:
3893:
3889:
3883:
3875:
3871:
3865:
3857:
3851:
3843:
3839:
3833:
3817:
3813:
3807:
3796:
3790:
3782:
3778:
3772:
3764:
3760:
3754:
3746:
3742:
3736:
3728:
3724:
3718:
3710:
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