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

That will fall to the Revenue Commissioners in so far as they are satisfied that this is consistent with the other provisions in the Taxes Consolidation Act 1997 and would afford them the ample scope they would need to challenge a company trying to do that or trying to circumvent what we are trying to do with the legislation in so far as section 110 is concerned, if they were trying to pay themselves artificially high interest payments and avoid tax. The Revenue Commissioners will not do deals. This has been identified as a tax leakage which we want to close down. That is the purpose of the amendment. In so far as the language is concerned, Revenue is satisfied that will allow it to do that, to make that challenge where necessary to make sure the appropriate tax is paid.

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