Results 6,681-6,700 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: I reiterate that it was not anticipated that funds would be operating in this way or to this extent, hence the reason why we are making the amendment to section 22. REITs have existed for some time. Their involvement in the Irish property market is newer but they have existed in the US since the 1960s or 1970s. ICAVs are new but QIAIFs were in existence before them. In respect of...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: It does not apply to REITs. We are working to the OECD standard in terms of how all of this should be treated. When we talked about investment undertakings, that is the point we discussed with Deputy Boyd Barrett. It is not an attempt to make sure that withholding tax will not be liable, we are just ensuring that it is taxed at the appropriate point in so far as the last-man-standing...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I do not want to start using terms such as the rich man and the poor man. There are products available to individuals - this is one of the benefits of funds - that allow people to invest in an area in which they might not have the necessary expertise but the person managing the fund does. There are ways in which a person can invest in a product that they might not previously have been able...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: If people are less wealthy or not rich or however one might want to term it, they can come together and pool their investment money to make an investment in areas where they might not have been able to do so previously. That is the purpose of a fund. If they make a profit, they are charged at the marginal rate.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: These are collective investment vehicles, so they are-----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: They do, for example, through pension funds or life funds. This is how these funds operate to make a return for that individual or that range of individuals that have invested in it.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: The purpose of this is to capture non-resident investors who should be paying tax on Irish property. That is the purpose of the amendment.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Deputy Donnelly is talking about a company, but what we are talking about is funds. Some of the things he points to in his remarks are perhaps pointing at a more significant or fundamental approach to funds and how they invest versus the purpose of a fund or some of things we try to achieve in allowing funds to be established, such as removing that layer of double taxation, versus the...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: That is a form of double taxation, but another form of double taxation would be if one were to levy a tax on the fund and the individual who invested in the ice cream shop through the fund was being both taxed at the level of the fund and at the level of their distribution, which would be their marginal rate of tax. If they had invested directly into the ice cream fund, they would only have...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I think that something falls down here when we talk about who is originating a loan and the extent to which a trade has taken place. That is where the difference to which the Deputy speaks is.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I will.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: A nursing home will be seen as such as it is land or property. What were the other two categories?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: If it is held by a fund and it is a nursing home, the answer is "Yes".
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: I ask the Deputy to bear with me for one moment. If it is rental income, "Yes", but if it is trading income, "No". If it is rental income, it will be covered by the amendment.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: It would apply in the same manner.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Fees paid by whom?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: To whom?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: In that situation, is that a rent that we are talking about?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: A fund would not be allowed to operate a health care facility and it might therefore have engaged someone else to do that. If the Deputy is talking about a specific case, I would need to see the details.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Eoghan Murphy: Yes.