Covid-19 is proving disastrous to the Irish economy but it's shown that there's a fundamental decency that knits together Irish society. In recent weeks, we've seen contributions from footballers, tech entrepreneurs, postmen and many other lay punters in order to help Ireland's frontline medical staff and isolated elderly people at a time of great need.
Then there's us, the regular folk. Just staying home all day and zooming with your 5-a-side mates is a patriotic act these days. Every time we stay indoors, we do so while wearing the sacred 'green jersey'.
One group we haven't heard much from on the altruism front is Ireland's corps of billionaires (admittedly, that could be our oversight as they are generally a private, self-effacing group of men).
Yesterday's Sunday Times featured an eyebrow-raising piece of reporting, where it claimed that Revenue had decided to soften the tax residency allowance for wealthy people who were unfortunate enough to get trapped in Ireland because of the coronavirus, thus jeopardising their hallowed 'tax exile' status.
In usual circumstances, if one spends more than 183 days of the calendar year, which is to say half of the year, in Ireland, they become subject to Ireland's tax laws. This is a potentially lucrative allowance if you happen to spend more of the year in a different country, especially one with a more empathetic tax regime.
The article features the following line from Revenue:
"Where a departure from the state is prevented due to Covid-19, Revenue will consider this ‘force majeure’ for the purpose of establishing an individual’s tax residence position.”
Interesting, There is, however, another way to skin this cat which perhaps hasn't been fully considered by the doyens who run our national economy. What if Ireland asked these men to pay the same taxes of normal Irish residents? I mean, the rules are the rules, right? It's a shame about this coronavirus, but the disease has forced many people to make unexpected sacrifices. (Hell roughly 25% of the people with Covid-19 in this country are the people who are fighting the disease.)
Think of the difference this could make to the national dowry at a time of huge unemployment, economic uncertainty and a dire need for reinvestment in our health service. From the ICU nurses to the cashiers at your local supermarket to the man delivering your parcels, everyone has been doing their part for the country. Maybe it's time to ask our wealthiest people to don that green shirt and pay taxes.
Just an idea.
And for those people who say that Ireland's superrich are only concerned with their own private wealth, I say this: if Dermot Desmond can make a pitch for a robust levelling of the housing market, then there is hope for all billionaires.
And of course, if we've omitted any outstanding work that Ireland's superrich have done on behalf of our frontline medical workers, please let us know. We're happy to celebrate all contributions to the national cause.
