Oireachtas Joint and Select Committees
Thursday, 1 October 2015
Public Accounts Committee
National Asset Management Agency: Financial Statements 2014 (Resumed)
10:00 am
Mr. Brendan McDonagh:
No. This was a general clarification issued by the Revenue Commissioners to all public and private sector companies stating board directors who were being paid expenses to travel to board meetings were getting a benefit in kind on which tax should be paid. The Institute of Directors in Ireland has been petitioning on this to say it is unfair. The Revenue Commissioners say their position is what the law states. Effectively, if we pay expenses to any of our board directors who travel from different parts of Ireland or from the United Kingdom or elsewhere to board meetings, that is regarded as a taxable benefit in kind.
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