Oireachtas Joint and Select Committees
Thursday, 27 February 2014
Public Accounts Committee
Payments to Section 39 Companies: Discussion
1:20 pm
Gerald Nash (Louth, Labour) | Oireachtas source
The organisation in its entirety, commercial and not-for-profit, if I can use that description, paid nothing in Ireland because it is not liable for corporation tax, as it is exempt under the Charities Act and the charities regulations. Is this not the case? It paid €74,000 in totality. I note the organisation made an operating surplus of €2.944 million in 2011 and €1.546 million in 2012. This also is reflected in Rehab's accounts.
There are a couple of other issues in the accounts to which I wish to draw Ms Kerins's attention. Rehab does not pay deposit interest retention tax, DIRT, either and according to its most recent set of accounts had interest income of approximately €1 million in 2011 and 2012. Moreover, the company holds more than €35 million in cash on deposit in banks, on which no DIRT was paid. This is a situation that pertains, generally speaking, to charitable organisations. Is that correct?
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