Oireachtas Joint and Select Committees

Tuesday, 15 November 2016

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Finance Bill 2016: Committee Stage (Resumed)

2:00 pm

Photo of Eoghan MurphyEoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

I think I understand the point of view from which the Deputy is approaching this matter. We have to be careful to strike a balance when we are moving to address the leaking of tax out of the Irish State, or the Irish Exchequer, as a result of the operation of a few funds. We are probably talking about approximately 1% of all funds being administratively managed through the Irish State. When we are making sure this tax leakage no longer occurs and taxes are paid, we must ensure we are not doing anything to damage the operation of the funds industry, given how important this aspect of our international financial services offering is, or to damage investment in Ireland more generally. People need to know they are investing in a stable and transparent environment. As a small island economy, we depend on the movement of international capital flows into this country for investment in things like development, construction and small and medium-sized enterprises. We are seeking to find and strike that balance in this amendment.

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