Ireland's largest bank made €758m in 2019 but won't pay cent in corporation tax

Ireland's largest bank made €758million last year but will not pay single cent in corporation tax on the massive profits.This means the lender will pay no corporation tax for at least another 10 years even though the losses it made in the past were covered by the Irish taxpayer.

Sinn Fein has said if is part of a new government it will end this practice which is costing the state billions of euro. “This is some of the change that people have voted for and this is what Sinn Fein want to bring about if we can get agreement with other parties to form a government.” Bank of Ireland and the other banks can use historic losses to offset current profits using what are known as Deferred Tax Assets.

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