Results 9,981-10,000 of 34,729 for speaker:Seán Fleming

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: I thought this was a mechanism whereby people with high incomes paid more tax but that is not the case. They might pay it now but they can get the value of it later.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: It is only a deferral. It is just a cashflow issue. Most people's general understanding was that this would ensure that people with an income of over €400,000 would pay a minimum effective rate of tax of 30% but that is only half the sentence. The other half is that the relief they utilised in one year can be carried forward if they have reduced income, or lower other reliefs, in...

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: It is like losses carried forward.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: Do you have information on the amount carried forward cumulatively and for which years?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: Are you able to do a summary for us year by year and send it on to us?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: No, I am asking you to do the work and put the schedule together. You will be better able to do it than we.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: It is a good incentive. All those schemes, including the urban renewal scheme and the carparks in hospitals scheme, might not have happened without these reliefs.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: It is a policy issue to encourage investment and was deemed necessary at the time.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: I understand that. The other matter I want to discuss with Mr. Cody are his predictions in regard to the corporation tax receipts for this year and last year. The letter he sent us dated 24 October is specifically on this issue. I know he said it is up to the Department of Finance but he has a big input into the information the Department of Finance has. We asked for a note because when...

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: Would they tell the Revenue Commissioners in advance and would it have an indication from its surveys?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: Is it voluntary?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: It is its call to bring forward some of this in year one and to pay the tax and move on. For people watching with an interest in this area, the reference for this correspondence is 32R001683-PAC. It makes interesting reading. People were mystified as to how this extra amount of money appeared. Mr. Cody's letter stated that towards the end of the year, the figure was €350 million...

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: I am sorry; I meant to say €1.1 billion. Mr. Cody stated that Revenue's assessment is that of the €1.1 billion expected surplus this year, between €700 million and €800 million of this increase may be due to once-off issues in 2018. This €350 million is due to the International Accounting Standards, IAS, rule 15 change, that we spoke about. That means...

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: Okay.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: Themselves.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: Mr .Cody is saying that he expects the corporation tax receipts in 2018 to be €9.6 billion, as stated in his letter, and that next year he expects it to be approximately €9.5 billion, which is a fraction less, but close enough. What figure did the Minister announce on budget day for corporation tax?

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: The €9.5 billion. He has that figure since the beginning of October.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: Even though there is growth in the economy and usually the Department of Finance would have a-----

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: Add in the growth.

Public Accounts Committee: 2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 9: Office of the Revenue Commissioners
Chapter 17: Revenue's Progress in Tackling Tobacco Smuggling
Chapter 18: Management of High Wealth Individuals' Tax Liabilities
Chapter 19: Corporation Tax Losses (15 Nov 2018)

Seán Fleming: I understand and I hope everybody watching understands this also. This leads on to the last question. Last night, as Mr. Cody said, was the pay and file date. Has he any idea of what landed in his bank account last night or would he know that yet? What was he expecting?