Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

In the past, we discussed matters relating to section 110 companies and the use or misuse of them by charitable trusts. In light of the GDP figures, what will the Government do in respect of the facilities it has enabled within the tax code? An example is the use of section 110 companies by aircraft leasing firms, which means they are tax-neutral. The Tánaiste knows that the GDP figures have been boosted primarily as a result of the aircraft leasing sector. Despite her claims that this creates so many jobs, the number of direct jobs provided is 700, despite the fact that these firms lease more than half of all aircraft throughout the world.

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This is what is happening here. It should not be about blaming the CSO, which is the referee in this. It is about whether the Government will ensure the assets taken onshore by these companies will be taxed appropriately so we get the benefit of them. This is something that has happened every single year. In 2014, our EU contribution went up by €16 million. In 2013 it was about €55 million and in 2012 it went up again. We have been a lone voice in this House raising this issue year on year. Given the CSO readjustment, it is time for the Government to take decisive action and close some of these loopholes that exist.

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