Results 22,121-22,140 of 33,049 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: I have already explained to Deputy Doherty that it moved to 100% because it was felt at that time that this would be a way of treating intellectual property that was consistent with how it was being treated elsewhere. On the question of contact between the Department of Finance and Apple, it is obvious that this was a number of years ago and predates my arrival in the Department. I will...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: With regard to the different points that have been put to me, I reiterate what I said to Deputy Boyd Barrett. We set our tax policy, be it corporation tax or any other policy, on the basis of what we judge to be the right thing for the economy overall and the long-term interests of the Irish taxpayer. Across the period in which we have made decisions like that, we have seen an increase in...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: That is section---

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: I will get clarification on that point in a moment. With regard to the points that Deputy Boyd Barrett put to me and my views on large companies and corporations and the tax that they should pay, I believe that they should pay their fair share of tax. We will have differing views regarding what that level of tax could be because of potentially differing views regarding those companies and...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: Excuse me, sorry Deputy, to both

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: The Revenue Commissioners have informed me that this is something that needs to be corrected because there was an oversight in the original legislation and how it was drafted. What it means now is that this change will apply if this activity forms either all or part of a trade that a company is carrying out.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: Chairman, I have been asked a very technical question.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: If that is agreeable to the committee.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: I do not. The information that I gave came from the Central Statistics Office so I do not have that information. The figures referred to the purchase of patents, as I said when I gave the information earlier.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: Yes. As I said, I am looking to move the percentage back to 80% because I believe it is the right way in which these assets now need to be taxed. I do not want to do this in any way that is backward looking because, as I have said on a number of occasions, I am very concerned about the effects it could have on how this tax policy is perceived.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: No. What it affects is the timing upon which the allowances could be drawn down. So, at a point in time, when the depreciation reliefs that are available are gone, the Irish State will receive more tax. What I am trying to do here is smooth out the tax in income that will be available to the State over a longer time period to make them more sustainable. It is my assessment that moving to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: Yes, there are many moving parts. It is my assessment that a further moving part, that we would move to, would be if we were to make a kind of change that looked backwards. It is my view that such a move would have an effect on our ability to retain investment, jobs and all of those things in our country and, therefore, corporate tax policy, and the certainty of it, is so important. In...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: It is 15 years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: Up to 15 years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: In response to Deputy Doherty's direct question, this matter did not come up at my meeting with the American Chamber of Commerce Ireland and I certainly did not seek the chamber's view on it. We had a wide-ranging discussion on a number of matters, but not on this particular issue. I have not had meetings with any companies on the matter and I have not met any company or individual on this...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: For the purpose of being clear about how this issue is dealt with, I must inform the Deputy that there are a number of ways in which section 291A is structured to try to make sure it is not used for tax avoidance purposes. I will list the key ones, given the claims the Deputy has just made. Relief is only available where a company is carrying out a bona fide trading activity in respect of...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: Before I do so, I have been asked to refer two matters to the committee. This will only take one moment to do. First, I have been asked by the Revenue Commissioner to clarify a comment made during the earlier discussion on REITs. REITs do not get a tax deduction for local property tax. REITs pay a dividend out of the profits available for distribution and the shareholders are taxed on the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: I already have plans to increase the level of expenditure in third and fourth level institutions. As Deputies know, I made an announcement that I am planning to increase the training levy by 0.1% per year for the next three years. For next year alone that will bring in an additional €36 million to €37 million that would be available for higher and further education in our...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (8 Nov 2017)

Paschal Donohoe: I will not be present for the afternoon session because I am taking parliamentary questions on public expenditure and reform. I will be present for the other session.

Written Answers — Department of Finance: Housing Data (8 Nov 2017)

Paschal Donohoe: As announced in my Budget speech on 10 October 2017, it is my intention to establish Home Building Finance Ireland (HBFI) to provide funding on market terms to viable residential development projects whose owners are experiencing difficulty in obtaining debt funding. HBFI will be a standalone entity which will provide funding directly into the market. It is important to note that HBFI...