A recent internal report from Revenue officials highlighted how the 2022 Finance Act entirely severed the link between salary and pension contributions, leading to significant tax loopholes. These changes allowed wealthy individuals to significantly increase personal wealth through clever pension scheme utilization, particularly through unlimited contributions for family members employed on low salaries or short contracts. Originally designed to promote equality and efficiency, the legislation has now paved the way for tax avoidance strategies, raising concerns about the implications for revenue and regulatory compliance.
The report criticized the 2022 Finance Act for breaking the link between salary and pension, creating tax loopholes that enable the wealthy to abuse the system.
It raised concerns about the potential for self-employed individuals to exploit loopholes, allowing them to eliminate tax liabilities through disproportionate personal retirement contributions.
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