Results 6,621-6,640 of 15,555 for speaker:Eoghan Murphy
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: We are working to OECD best practice on this. The intention is to be consistent with OECD guidance. We have to see what that will mean with our tax treaty with the US. We have to keep our tax treaties in mind and we have to keep in mind the OECD's guidance.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Is the Deputy speaking about the capital gains tax, CGT, exemption?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Is the Deputy speaking about the note on the taxation of funds before the changes come into effect?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Okay.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I do not recall referencing a particular person in any of the comments I have made.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: In regard to the OECD, the officials worked to published guidance from the OECD in regard to how these amendments might best be structured to ensure they achieve their intended purpose. Obviously, the publication of the amendment in September in so far as section 110 is concerned led to a number of representations being made not only on the section 110 issue but on section 122 and what we...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: During our discussion on section 21, we had a lengthy discussion on how the amount of €50 million was arrived at. The Department took the view that a conservative figure should be provided for because, as expenditure would be based off the back of it, that was the prudent thing to do. We also discussed ways we could provide more detail around that figure and in regard to sections 21...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I read into the record a detailed note from Revenue on how it calculated that figure, including the extrapolations it made in arriving at €50 million and the reason that figure was ultimately included. I did say that it was a conservative figure but it was prudent to be conservative in this regard. If between now and Report Stage we can provide a better understanding of the breakdown...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: My understanding is that there are 96 funds holding Irish property assets worth circa €10 billion. That information was provided by the Central Bank. We can request that the Central Bank disclose the identity of the 96 entities concerned. In terms of who we are seeking to capture in the context of section 22, these are players who have built up a large portfolio, the number of which...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: On that point, any representation made is available under FOI. I will speak to the Minister, Deputy Noonan, about how those representations might be made available to the committee rather than it having to seek them through the FOI process. I would not characterise what happened as a negotiation from the point at which I was involved. This issue was brought to our attention and it was one...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: We are not introducing any new exemptions by way of these amendments but we are continuing exemptions that already exist, as would be standard practice in so far as a charity might be concerned. There is nothing new being done that would provide for any type of avoidance.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I cannot comment on the Clerys case.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I will step out for a couple of minutes and be right back in.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Any way in which the profits might be extricated from the fund will be a chargeable event as far as tax is concerned.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Yes, as well as the sale of units.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: That is the end-point because it is paid by the fund to Revenue. There is no claim made against it.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: That is the new tax coming in, yes.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: No. I have a more detailed note on a taxable event for an IREF if it would be helpful to read that into the record.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I will speak to the Deputy's final point first. That fear might stem from the original drafting of the amendment, which is not in the final draft. They will not be affected in the way that fear was expressed to the Deputy. It is not the case with the text of the amendment that we are debating today. The Deputy is absolutely right when it comes to a stable investment environment. That...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I apologise for interrupting the Deputy's earlier intervention.