Results 14,341-14,360 of 34,135 for speaker:Paschal Donohoe

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: If the Deputy saw me making a head motion, it was in response to the Deputy's claim that we could apply a minimum effective corporate tax rate to our banks. Neither I nor any Minister for Finance can apply a corporate tax rate that would be selective to one part of our economy. It would have to be applied to all. As I am cognisant of the risks the Deputy has outlined, with which I agree, I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: The banking sector is already paying a level of tax, which is the corporate tax it pays, although that is reduced by the levels of losses it carries forward. The sector is also paying the banking levy. The report we published a year ago went into many of these various arguments. For example, it went into the issue of the likely effect of this on the share price of these banks. The owner...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I will.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Section 60 is about stamp duties and the Deputy raising an issue about credit unions. However, I have heard the argument and will get the information sent on to the Deputy.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I move amendment No. 110: In page 102, line 21, to delete "or". Amendment No. 112 is the substantive amendment of the group while amendments Nos. 110 and 111 are consequential formatting matters. Amendment No. 112 seeks to correct a drafting oversight in section 62 of the Bill as published. The section provides for the information to be submitted to the Revenue Commissioners in the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I move amendment No. 111: In page 102, line 25, after "death falls," to insert "or".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I move amendment No. 112: In page 102, between lines 25 and 26, to insert the following: "(c) where neither paragraph (a) nor (b) applied, an individual who had an interest in property situate in the State,".

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: If one compares where we are with this tax and the level of taxation for those who inherit homes or other things, as the Deputy said, the system of taxation we have now for dealing with inheritance is at significantly higher levels versus where we were in the pre-crisis period. It is a change but it is not massive. It is just a change of increment. If one compares where we were only a few...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Given that I have done three budgets and that the degree of change in each has been, to use my words carefully, given what the Deputy just said, incremental, I will decide at another point what commitments the party or I should make for the future. Let us be clear that, for the most part, this is about the transfer of inheritance between parents and their children.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: It is not about ideology for me. Parents work very hard to build and own a home and build up income during their lives. They pass that to their children. The Deputy takes a different view of that than me.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: The Deputy has made a statement and I will respond. Every time I outline a view, it is ideology, but every time the Deputy does so, it is a belief.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: From the way the Deputy used the word a moment ago, he appears to think I do not also have beliefs or views on how these things should be dealt with. What we have here is a difference of opinion on the degree to which inheritance should be passed on in a tax-free manner. I believe it is appropriate, as resources allow, to have a set of changes to allow a little bit more to be passed on from...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Can I suggest a break of five minutes? Would that be possible, and we could resume at 6.45 p.m.?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I agree that there will be a need to review where we are with the application of this levy but I do not believe that that time is now. The liability period for the 7% rate will apply from January 2020. Now that I think about it, it will be kicking in from 1 January 2020 which is before next year's budget. I do not want to commit to a report in the Finance Bill because I do not believe it is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: We are trying to see if we can get the up-to-date figures to which Deputy Boyd Barrett referred. I will deal with the different points made and issues raised by Deputies Pearse Doherty and Boyd Barrett. It is our expectation that the application of the changes that we have made in transfer pricing in this Finance Bill will have an effect on intra-group transfers. The reason changes are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Not to hand, but we will get it for the Deputy if it is available.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: We have not forgotten the Deputy's request. We have a lot of them. We will get back quickly to everybody at the same time.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: I thank the Deputy. If I look at the current operation of the LPT, it has raised approximately €3 billion since it was implemented. It raises approximately €500 million per year. The raising of that €500 million per year has allowed that money to go to local authorities and, in turn, freed up space on behalf of the Exchequer to spend money elsewhere. It has broadened...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Deputy Boyd Barrett now wants a bit of a DAC himself.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2019: Committee Stage (Resumed) (6 Nov 2019)

Paschal Donohoe: Yes.