The Revenue Commissioners have contacted the Department of Finance to express concerns over what the Opposition is calling a “massive loophole” that allows individuals to invest up to €2 million tax-free into their pension funds. This issue stems from a change in taxation introduced in the Finance Act 2022 by then-minister for finance, Paschal Donohoe, which eliminated the benefit-in-kind charge on employer contributions to pension pots.
When questioned about the impact of this rule change at the Oireachtas finance committee last week, Revenue Commissioner chairman Niall Cody expressed his concerns to Sinn Féin’s finance spokesman, Pearse Doherty. Cody confirmed that these concerns had been communicated to the Department of Finance. Pearse Doherty highlighted that tax planners were promoting the measure, calling it a “massive loophole in our tax system” being exploited by the wealthiest, while ordinary workers struggle to save for their pensions. Read more here.
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