An arcane system for taxing investments, built up piecemeal over time, actively works against the best interest of consumers and the funds industry. Photograph: iStockin Ireland feels put upon, but a quick glimpse at a recent report on the sector suggests that at least part of the problem is of its own making.
Former minister for finance Michael McGrath had hoped to have the report to hand in time for the budget. But by then he had moved on to a role in the European Commission and without the impetus he might have provided, the report quickly fell into the “not critical” category. Funds need to mobilise potential customers, helping them understand the lost opportunity for financial improvement under the current system so that they help press the case for reform on the politicians who have the power to institute change.
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