Results 6,761-6,780 of 15,555 for speaker:Eoghan Murphy

Questions on Proposed Legislation (23 Nov 2016)

Eoghan Murphy: We will get a better idea of what the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach is recommending tomorrow when it publishes its report on its investigation into the cost of motor insurance. The working group that the Government set up during the summer under the Minister for Finance, Deputy Michael Noonan, published its emerging recommendations earlier this week...

Topical Issue Debate (Resumed): Tax Code (23 Nov 2016)

Eoghan Murphy: With regard to Deputy John Brassil's proposal that I request the chairman of the Revenue Commissioners to appear before the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, it is a matter for the committee to set its own work agenda and to issue invitations accordingly. I am sure the Deputy will request the committee to do that himself. Since the establishment of...

Topical Issue Debate (Resumed): Tax Code (23 Nov 2016)

Eoghan Murphy: I very much appreciate the concerns of the Deputies on this issue but I must underline again the independence of the Revenue Commissioners. The Department of Finance does not deal with the individual tax affairs of citizens. I suggest that the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach takes up Deputy Brassil's suggestion and examines this issue so it can be...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I thank the Deputy for acknowledging the work of the officials. On the Department's side, we find those engagements helpful because we are all trying to work in the same direction. In so far as the amendment is concerned, I am advised by the Revenue Commissioners that a change in law such as this may trigger behavioural changes, meaning that section 110 companies might simply stop...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I hope Deputy Donnelly is not misrepresenting my reply, because I did not say that we would not be able to have any data within 18 months. What I did say, on the advice of the Revenue Commissioners, is that to get complete data may take longer than the timeframe suggested. Therefore, given those constraints and others, it would not be appropriate to put the preparation of the requested...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I accept Deputy Burton's point about this being a technical matter that the Revenue Commissioners, the Department and the committee are working to address. Much work has gone into drafting, improving and informing this section, which amends the Taxes Consolidation Act. I do not propose to go over ground that has been covered in detail on previous Stages as we have dealt with this matter. I...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No. 42:In page 43, line 27, to delete "the IREF profits" and substitute "the IREF profits, including any retained IREF profits,". The amendments relate to the Irish real estate funds, IREFs. In particular they relate to the calculation of the IREF taxable amount. The amendments are largely technical in nature, in that they correct the drafting to ensure that the formula...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I ask the Deputy to repeat the question.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I had said on Committee Stage that we would be bringing forward further technical amendments on Report Stage. They are technical amendments. I appreciate that Deputies take it in good faith that this particular amendment being brought forward by the Government makes technical changes. In so far as quantifying the amount we hope the changes might bring in for the State and the taxpayer next...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I thank the Deputies for their questions. On Deputy Burton's comments, we did speak about this on Committee Stage and about the work put in by the Revenue Commissioners in trying to calculate the yield in extra revenue to the State from these two changes. The figure of €50 million is based on the potential profits made on the sample of mortgages that were valued at approximately...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No. 45:In page 44, line 30, to delete “loan origination business of the IREF;” and substitute the following:“loan origination business of the IREF, and any necessary amendments to the definition of ‘loan origination’ shall be made so that it applies to a business carried on by an IREF rather than a qualifying company;”. I propose to...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No: 47:In page 44, to delete line 40, and in page 45, to delete lines 1 to 20 and substitute the following:“(a) in relation to a unit holder in respect of which an IREF is not a personal portfolio IREF having regard to the IREF assets concerned (other than those referred in paragraphs (b) to (e) of the definition of ‘IREF assets’)—(i) any profits...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: Section 22 introduces a new withholding tax on non-resident investors investing in property in the State. It will mean more money coming into the Exchequer by capturing an activity where we have taxing rights. Amendment No. 47 removes from section 22 the ability of an investor who has influence or control over an IREF to receive a distribution of capital gains without the operation of the...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I will speak to Deputy Boyd Barrett's point initially. I appreciate the difficulty when there is a large change such as this but we debated this at length on Committee Stage. We debated the operation of funds and the benefits of funds as collective asset investment vehicles in which people could make investments where they could previously not do so and thus take advantage of the larger...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: The benefit here is a new level of taxation on non-resident investors that did not currently exist through the withholding tax. That is the benefit. It was not taxed previously, but it is taxed now.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: The benefit of this section, in the context of the debate we had with Deputy Pearse Doherty on Committee Stage, is to capture a particular type of tax planning that was not captured in the previous version of the amendment, but which is captured now. That is the benefit of this section and that is what we are debating now. To speak to Deputy Donnelly's questions on the distribution of...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No. 50:In page 46, line 16, to delete “the IREF profits” and substitute “the IREF profits, including any retained IREF profits,”.

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: This amendment tightens the drafting around specified persons to confirm that the NTMA and exempt unit trusts will not be subject to this 20% withholding tax, if they hold units in an IREF. This is on the basis that both the NTMA and exempt unit trusts are exempt from tax generally. The amendment also provides that no IREF withholding tax will apply to payments to investment limited...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No. 51:In page 46, between lines 23 and 24, to insert the following: “ ‘retained IREF profits’ means the portion of the retained profits of the investment undertaking attributable to the IREF profits, and where those profits arose in an accounting period which commenced prior to 1 January 2017 or 20 October 2016, as the case may be, those profits shall be...

Finance Bill 2016: Report Stage (Resumed) and Final Stage (23 Nov 2016)

Eoghan Murphy: I move amendment No. 52:In page 46, line 26, to delete “subsection (6), (7)” and substitute “subsection (6) (other than paragraphs (cc), (e), and (kb)), (7)”.