Oireachtas Joint and Select Committees

Wednesday, 18 November 2020

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

Finance Bill 2020: Committee Stage (Resumed)

Mairead Farrell (Galway West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

I will comment on amendment No. 165. This is basically to introduce a general anti-avoidance provision whereby a surcharge of 30% is applicable to Irish company revenue when it is established that Irish companies are using intra-group arrangements to significantly reduce their liabilities through money that is being loaned out or channelled back to Luxembourg and other such countries as part of intra-group arrangements. We know certain companies have made profits of over €100 million in 2018 and had assets worth billions of euro and accounts filed in Luxembourg. The bulk of the profits would have been booked and not taxed because of that so we believe it is very important to put forward this amendment.