Oireachtas Joint and Select Committees
Wednesday, 19 November 2014
Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance
Finance Bill 2014: Committee Stage (Resumed)
12:00 pm
Simon Harris (Wicklow, Fine Gael) | Oireachtas source
Yes, the Chairman is correct. We have consistently said that everything we want to do in this country in relation to inversions, the double Irish system and the OECD base erosion and profit-shifting process is being done because we want to see substance taxed, we want to see activity coming to this country and we want to have a competitive regime and framework in place. I am merely pointing out that other countries have gone down the road of looking at specific boxes. Our knowledge box will be based on the development of knowledge of intangible assets of intellectual property. As I have said, it is not something we are rushing. There will be significant consultation. The details of how that will go forth will be known later this year. By giving ourselves a 12-month period in which to thrash this out and scrutinise it, we will make sure it is the best in class, as the Minister for Finance said on budget day. With that in mind, the Minister intends to legislate for it in the Finance Bill 2015 following budget 2016.
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