Oireachtas Joint and Select Committees
Wednesday, 7 December 2016
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Taxation Matters Relating to Kerry Co-Operative: Revenue Commissioners.
2:00 pm
Mr. Charlie Phelan:
We were looking for payment on any tax liability that might arise from the under-declaration of income. For example, let us suppose a person had 100 shares at €65 each. That means €6,500 was the possible under-declaration of income. Let us suppose someone had a loss forward. He would clearly have no liability on increasing his amount by €6,500. Someone who was at the 20% rate of tax would have a liability, as would someone on a higher rate.