Deloitte, KPMG Colluded on New Irish Tax Law
April 23, 2012By Michael Foster, Big4.com Blogger
Ireland?s Department of Finance has received the draft of new legislation that would lower income tax paid by foreign executives in the country.
The law is receiving scrutiny in the European nation after it was revealed that KPMG and Deloitte submitted draft legislation for a new, special program that would lower the tax rate for foreign managers and executives in Ireland. The new law would apply to 30 per cent of all income earned between ?75,000 and ?500,000, and it could save an executive employee as much as ?52,275, if earning the half-million euro figure.
Additional benefits would be included in the tax relief law, such as a tax exemption for school fees for private schooling.
The details of the proposal were revealed to The Irish Times, who also reports that KPMG partner John Bradley emailed a draft of the law to Gary Tobin, head of the business tax team at the Department of Finance for the Irish government.
An earlier draft of the tax relief law had been viewed by KPMG employees and members of the International Asset Finance group, another government agency in Ireland. Tobin said that members of the IAF had felt a ?great deal of disappointment? about the bill.
KPMG?s Bradley emailed the next day to say that multinational companies were disappiponted in the tax relief measures.
Deloitte partner Padraig Cronin has been cited as another source for the draft legislation.
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