Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

We must be really careful with the logic which states that this section, which deals with Irish real estate funds, makes things better from a tax perspective and, therefore, that we should support it because one cannot just take a one-year view. The view expressed on Committee Stage was very clear, namely, it is currently the case that property businesses in this country do not pay corporation tax and capital gains tax and that most of them are avoiding withholding tax. The IREF section tightens up the position regarding withholding tax for some of those. Let us be very careful about this. We should not go back one year, we should go back five years. If one owned a hotel five years ago-----

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