Results 3,161-3,180 of 45,510 for speaker:Simon Harris

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 41: In page 38, line 41, after “the” where it secondly occurs to insert “fund”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 42: In page 39, line 4, to delete “in section 787R(3D)” and substitute the following:“a notification referred to in section 787R(3D) (in the circumstance referred to in section 787R(3E))”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I am informed that approximately 90% of AMRFs are valued at less than €250,000. While this might seem like a lot of money, in the case of an individual retiring at the age of 60 or 65, it is clearly not because the money may have to last both the individual and spouse or partner for a period of time of 25 years or more. The Finance Bill amendment reduces the imputed AMRF distribution...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: We do not have that information because we are not given that information. The Revenue inform me that there is very little tax coming in with regard to the imputed distribution so therefore, people are drawing down and paying tax on it. I do not have the data the Deputy is seeking.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The concern is that these funds will run out because people are living longer. It is designed to slow down the process to ensure a pension pot lasts longer. The current imputed distribution rate of 5% per annum applying to AMRFs invested in PRSAs with assets of €2 million or less is higher than the current yields or interest rates paid on most single or joint life pension annuities...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: While we might not have a meeting of minds on it, I will endeavour to bring some more clarity to it from our perspective. Deputy Doherty is correct that there is not a requirement to draw down the 5%, but Revenue informs me that people almost invariably do, because otherwise they would find themselves being taxed on it twice. I do not have the hard data on the issue but, anecdotally, the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The Deputy is correct that there is no reference to the knowledge box in the Finance Bill. My colleague, the Minister for Finance, flagged on budget day that it would be in the subsequent finance Bill because we want to get it right. As the Minister outlined, we want it to be the best in class. It is part of the foreign direct investment, FDI, offering and is part of the roadmap to tax...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: This is a complex issue and I am happy to stop at this point.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Before we left I had just acknowledged the fact that we had published the technical paper on the effective rates of corporation tax in Ireland. This is a very useful exercise in terms of looking at various methodologies and at various questions that have been posed at this committee and in many public and media fora over recent years on the effective rate. We are pleased that it is in the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I do not want to interrupt, but the figure I gave is for domestic companies.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: There is quite a lot in what the Deputy said. I am somewhat disappointed I have not heard a response from Deputy Boyd Barrett with his thoughts on the document, whereby arising from debates of this committee, the Department of Finance conducted a substantial amount of analysis. All of the figures, including those mentioned by the Deputy, were included and it has come up with what it...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: It is.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Yes, the Chairman is correct. We have consistently said that everything we want to do in this country in relation to inversions, the double Irish system and the OECD base erosion and profit-shifting process is being done because we want to see substance taxed, we want to see activity coming to this country and we want to have a competitive regime and framework in place. I am merely pointing...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: There were a number of contributions in relation to the living cities. We will probably get to that later, Deputy McGrath. We are very confident that we are almost there and the passage of this Bill is important in that regard. Deputy McGrath is correct that the knowledge box needs European approval. Some 11 countries have a version of it at European level. The UK and Germany have made...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 44: In page 45, between lines 19 and 20, to insert the following:“ ‘completion value’, in relation to a dwelling, means the price which the unencumbered fee simple of the dwelling might reasonably be expected to fetch on a sale in the open market were that dwelling to be sold on the relevant completion date in such manner and subject to such...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I responded too soon.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: My apologies. I spoke to Deputy McGrath's amendment.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The Government amendments relate to section 20, which provides for relief from appropriate tax, in this case DIRT, paid on interest earned on deposits by first time buyers of residential property. The amendments in the name of the Minister extend the relief to self-build properties built by first time purchasers and ensure that where a property is purchased or built jointly by several...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I gave the response earlier. I welcome Deputy McGrath's support for the initiative. He is correct in saying it is modest but it is policy intent that where people are saving for a property, be it a self-build or otherwise, that the State does not take the DIRT from them. The alignment with four years is in line with other Revenue reliefs and the Minister believes that is prudent and...