A deal is believed to have been struck between the ESB and the Government in 2011.
ESB employees do not have to pay the Universal Social Charge (USC) on their company shares under an agreement with the government, according to a report in today’s Sunday Business Post.
The Sunday Business Post (subscription required) report that the ESB reached a deal with the government in 2011 and that it cost the State €10million in lost taxes in the space of one year.
It is reported that representatives of over 10,000 ESB employees lobbied the governement to be exempt from the tax, which would have required ESB employees to pay a 7% USC charge when selling on their shares.
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