Rabitte calls for review of horse-owner tax laws
The Taoiseach is being asked to review the tax laws which allow horse-owners make millions at studs, without filing returns for income made in that area.
The matter raised in the Dail by Labour leader Pat Rabbitte, who used Alex Ferguson's Rock of Gibraltar as an example of a horse that will earn millions from going to a stud in the State, with substantial taxes foregone.
Rabbitte says the owners of horse studs no longer need such tax concessions.
He said: "Hundreds of millions per annum are returning without any competition by the State. Why should it be outside of measurement by the State? Why should an incentive back in the sixties, that was considered necessary for a fledgling industry, be continued in circumstances where such huge profits are being made."
