Results 15,021-15,040 of 34,777 for speaker:Seán Fleming
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: Revenue does not require an independent audit.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: It only spot-checks it. Does it not require an independent audit? Some of these figures are very significant - hundreds of millions.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: We will take this up with Revenue in the afternoon, and it is quite clear I will tease the matter out in respect of the verification of these hundreds of millions we are talking about. The same paragraph goes on to state:The credit equates to 25% of a company's qualifying R&D expenditure ... The company can also take a deduction worth 12.5% for revenue type R&D expenditure...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: It is an incentive. It is very generous.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: I am moving on to page 28 of the document. I am making it easy for people to follow what I am referring to. I refer to one of the middle paragraphs and to the knowledge box. It states:When a company develops its own IP, and uses that in the manufacture of a product incorporating that IP, the profits on that product are taxed at a special reduced rate. In Ireland that reduced rate is...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: Could a company get the benefit of that 6.25% and then get the benefit of the 37.5% reduction as well on the 6.5%?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: In other words - and we will ask Revenue about this - a company's income in respect of this aspect of its activity is taxable only at 6.25%. Is that correct?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: Then the company can get effectively a 40% reduction on that 6.5%. That probably leads to a maximum possible effective rate on that level of activity of 3.5%.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: Wow. We have learned something new today about this and we will take that up with Revenue. I know it is a relatively new tax allowance, but the members and witnesses can see why I wanted to raise it. This is how a company can easily get an effective rate combining that 6.25% and that 37.5% write-off on the 6.25%. I move to page 42. I thank Dr. Keegan. He has given us a summary note on...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: In other words, for the purposes of our work on corporation tax, that is not an issue as residency is clear for a corporation.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: The final point I want to highlight in Dr. Keegan's report is 4.12 on page 54, entitled, Limitation of double taxation treaties. The second paragraph outlines the fear the public probably has. It reads: "A concern frequently levelled against double taxation treaties is that they sometimes achieve double non-taxation - that is to say the interaction of the rules means that income does not...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: Those are the issues in Dr. Keegan's report I wanted to raise. The committee thanks him for the briefing documentation and thanks his colleague, Norah Collender, who was here with us the previous day as well, for the work. The purpose of this is that when we meet Revenue and the Department of Finance, we have a body of research that we have been able to take on board and take into account...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: We are dealing with the 2016 Annual Report of the Comptroller and Auditor General, chapter 20, which deals with corporation tax receipts. We had a briefing session this morning from Dr. Brian Keegan of Chartered Accountants Ireland on corporation tax. We hope to bring our consideration of this matter to a close this afternoon following our meeting with Department of Finance and Revenue...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: We can ask for an update. Much of what we covered is in the public area. It is progressing at European level. There has been progress; the Revenue Commissioners gave us as much information as possible the last day. We are not breaking any new ground.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: I will try, whether I am successful is another issue.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: It is fine to answer that question.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: Mr .Cody wants to come in on that.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: The large case unit.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: And 1,486 in 2016, according to a reply to a parliamentary question I received earlier this week.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (Resumed) (22 Feb 2018) Seán Fleming: Is that the Commission's perspective?