Results 9,721-9,740 of 28,162 for speaker:Catherine Murphy
- Public Accounts Committee: Business of Committee (30 Nov 2017)
Catherine Murphy: I want to raise the issue of the independent review in relation to the University of Limerick. It follows on from the hearings we had earlier this year. Is it on the work programme?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: I welcome the witnesses. I will try to keep my questions brief and ask the witnesses to be succinct in their replies because we have limited time. On the escrow account and the staged payments into it, I understand the amount involved has yet to be finalised, but at what point will the entire amount agreed to end up in the account? About how many staged payments are we talking?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Are we talking about years or will it be done by next year?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: I wish to raise a number of small issues to understand how things work. Reference was made to the fact that a number of corporations had received rebates. Where is that shown and how does it happen in practice?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: On carrying losses, it has recently been reported in the media that one of the banks will not be liable for tax for 20 years. Is there no statute of limitations in such circumstances similar to the limitations on refunds from Revenue? What is the regime in that regard?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Is there no limit on the number of years?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Therefore, it is unlimited. Large amounts of public money were invested to save the banks. In that context, is there no special arrangement in place in terms of tax liabilities in a situation where the entity would be sold?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Essentially, people will feel like eejits. They bailed out a particular sector. That made it saleable and it does not have tax liabilities forevermore because of the crash. However, the people are required to be tax-compliant. This is just a comment. People feel that there is an inherent unfairness there. However, as the witness said, it is part of what was discussed in the context of...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Do the Revenue Commissioners look at brass-plate companies with no employees or do they largely just rely on a paper exercise? How is that actually handled?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Obviously, business people will say that they need certainty, and I understand that. However, as a country, we need certainty as well. This is probably more a question for the Department of Finance. On the previous occasion on which Mr. McCarthy was before the committee, I asked how his Department communicated the surge in corporate tax in 2015 and he stated that there was a difficulty...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Does that volatility not tell us something about how we compare to other countries?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Yes.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Some of what we do ourselves in terms of capital allowances, however, may well influence behaviour. I note page 293 of the Comptroller and Auditor General's Report which says "The cost of capital allowances increased from €2.4 billion in 2014 to €5.8 billion in 2015, an increase of almost 150%". That paragraph, 20.18, shows that the amount of tax liability that can be written...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Okay. Do we know what the yield would be if 12.5% was the effective tax rate for the companies which are here now? What would it be if every company paid 12.5%? I know there are companies with losses, but 12.5% is a generous tax rate. Has that potential yield been calculated?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Yes, but our tax rate of 12.5% is very generous. It is very generous headline rate, but it is not the effective rate. I can understand offsetting in cases where there are losses. However, if a large company can employ people to work on being "efficient" - is that the word used? - in respect of calculating its taxes or minimising the amount it pays, then the generosity is not really in the...
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: To pick up on that point, why did the cost of capital allowances increase by almost 150% between 2014 and 2015 given that the number of claims only increased by 8%? That question is directed at the representatives from the Revenue Commissioners.
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Am I correct in stating that assets that were offshore were onshored and depreciation was then allowed on them?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Are we mad?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: Is depreciation progressive or regressive?
- Public Accounts Committee: Comptroller and Auditor General 2016 Report
Chapter 20: Corporation Tax Receipts (30 Nov 2017) Catherine Murphy: With the onshoring of intellectual property, what if a company takes advantage of the capital allowances immediately after the intellectual property is onshored and a year later decides to move elsewhere? The tax code does not capture this over time and it can be very short term. Is the way in which it is structured more risky?