David Cullinane (Waterford, Sinn Fein) | Oireachtas source

Sinn Féin also supports Financial Resolutions Nos. 6 and 7. Financial Resolution No. 6, which is the exit tax amendment, includes a highly technical language change to be included in the exit tax stipulations. It is important that this is looked at in more detail in the finance Bill. Deputy Pearse Doherty certainly wants this to happen. There does appear to be a tightening to clarify exactly when the company's value as it relates to the exit tax is determined. In this measure, the time immediately before the company leaves the State is when the value for exit taxation purpose applies.

In the context of IREFs, we support any moves to clamp down on tax avoiding property investors. It seems this is a move to attempt to curb tax avoidance practices by IREFs. We have issues with how much IREFs pay and their effective rates of corporation tax and capital gains tax. Recently, Deputy Pearse Doherty tabled many parliamentary questions in this regard to the Minister for Finance. It is an area of concern to us. There also seem to be concerns regarding the shareholders being able to write down losses. We have a number of concerns with regard to IREFs. We support this particular measure and anything that would clampdown on tax avoidance by any property investor will receive support of Sinn Féin. We will support Financial Resolutions Nos. 6 and 7.

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