Reports in the Irish media last week revealed that a firm registered in the RoI recently acquired a tax allowance worth EUR25 million as a result of its decision to purchase and restore a luxury yacht.
In a parliamentary session on the issue, the Dail was informed that the Revenue Commission was "fully aware" of the situation, although Minister of State for Finance Tom Parlon asserted that the Exchequer "must and will" protect taxpayers against such dubious activities which threaten to erode the tax base.
Parlon also sought to defend his boss, Minister of Finance Charlie McCreevy in the affair, explaining that he has a strong desire to stamp out such "objectionable arrangements." McCreevy has in the past been accused by the opposition of turning a blind eye to such situations.
Parlon announced that he was unable to comment on the specifics of the case, citing confidentiality in individual and corporate taxpayer affairs.
However, according to Labour finance spokeswoman Joan Burton, a consortium of businessmen is alleged to have purchased the yacht, formerly owned by shipping magnate Aristotle Onasis, for $50 million.
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