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TOO MUCH IS NEVER ENOUGH FOR IRELAND'S SUPER-RICH.

Europe Intelligence Wire

| July 01, 2006 | COPYRIGHT 2006 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Irish Independent)

*Among Ireland's super-rich, there are two certainties in life - death and tax avoidance. In the week when Warren Buffett was giving away his billions, the revenue commissioners revealed how Ireland's wealthy are managing to hold on to their money.

The latest report on the tax rates paid by the country's top 400 earners showed that the fabulously wealthy in Ireland are become more accomplished at avoiding the taxman. The report revealed that 10% of the country's top earners paid less than five per cent tax on their income.

While the ordinary mug on PAYE only writes off modest amounts against tax, the wealthy have managed to keep fortunes away from the revenue through a raft of tax exemption schemes. According to a Dublin financial adviser, avoiding taxes in Ireland is as easy as shooting fish in a barrel.

"Most wealthy people in Ireland hire tax consultants who can ensure that they pay little tax," says the adviser. "It is hard to get your ...

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