Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have raised this with the Minister on numerous occasions. I argued passionately at the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach that while reintroducing the 80% cap was a positive step, allowing the intellectual property that was being brought onshore to continue to claim the 100% was wrong. It is costing the State €750 million. The parameters of next year's budget, which we now know will be at €1.8 billion, could be increased by just changing this policy. The person that the Department of Finance commissioned to write the definitive report in respect of taxation has argued this should be introduced. It is not about retrospective taxation. There is nothing retrospective about this.

Mr. Seamus Coffey has said that it does not change the amount of capital allowances that are available and the total quantum of capital allowances remains the same. He has said that all that changes is the amount that can be claimed in future years. It is about how we attach them in future years. There are serious questions on where this policy came from. Who decided to raise the cap to 100%? At whose bidding was that done? Other changes were made at that time as well. Those included extending the qualifications for intangible assets and the rules relating to transferring assets. At whose bidding did this happen and why is the Minister so reluctant to bring in another €750 million to the State this year? It could be used to invest in the housing, health or cost of living crises.

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