Oireachtas Joint and Select Committees

Thursday, 30 November 2017

Public Accounts Committee

Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts

9:00 am

Mr. John McCarthy:

The Deputy is absolutely right. There was a huge surge in capital allowances on the intangible assets side in 2015, of the order of €26 billion. As has been mentioned before, capital allowances are a normal part of international tax codes. They are part and parcel of our system as well and it is perfectly legitimate that investment and depreciation can be offset from tax liability.