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)
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.