Oireachtas Joint and Select Committees

Wednesday, 5 April 2017

Committee on Budgetary Oversight

Engagement on Overall Fiscal Position: Discussion

2:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

We saw in the NAMA reports last year that it made a preliminary tax payment to Revenue in the region of €158 million for the profits accrued from 6 September, the kick-in date for the changes to section 110 and qualified investor funds that were introduced in budget 2017. That profit covers three months and would have been accounted for in last year's tax receipts. Do we have any indication that we will see a recurrence of that next year? The expected revenue from it was €50 million, but we see that NAMA made a preliminary payment of €158 million for three months. That is just one institution. Is there any indication from the Department on what has been profiled against that? After the preliminary payments are made at the end of next year, will the Department be able to isolate it to inform us how much money actually came in compared to what was expected?

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