Results 12,661-12,680 of 26,924 for speaker:Richard Boyd Barrett
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: Mr. Rónán Hession made the point that we do not have that many allowances. That is somewhat debatable. It is certainly the case that the amount of taxable income that can be written off by the allowances that do exist is pretty extraordinary. Mr. Howard seems to be saying, if I understand it correctly, that many of the companies that account for much of the profits and allowances...
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: I do not understand why Mr. Howard is being so cautious about saying that. The graph provided shows there was an absolutely extraordinary jump from 2014 to 2015; the intangible assets benefiting from the plant and machinery capital allowances jumped from €2.6 billion to €28 billion in one year. To me, the extent of the allowance is absolutely mind-boggling.
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: I have to be honest and say I understand Mr. Howard is under some constraints but businesses did not develop a whole lot of new intellectual property overnight. What they actually did is an accountancy exercise where instead of paying themselves royalties they relocated the intellectual property here and instead of avoiding tax by getting the allowance on royalties, they now do not pay tax...
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: When we are dealing with intangible assets, we are dealing with a whole new category - let us be clear about this - and a category that, in my opinion, these companies are exploiting to the nth degree. I believe that when a particular heading allows for allowances to jump by a factor of more than ten - from €2.6 billion to €28 billion - we need to know exactly what is going on.
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: Precisely what is going on?
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: I am probably out of time but-----
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: I just wish to comment that all of these, particularly where there are jumps in the amount of taxable income that can be written down under this heading, need to be, by our committee specifically, examined forensically and we need to know more than we currently know about what is going on here. There is a real problem regarding our ability to scrutinise what is happening under these headings...
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: Capital gains come under this, do they not?
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: That is not the figure I was looking for.
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: I request that the delegates, in providing us with the figures on the effective rate, give us the figures for the various calculations. The delegates know precisely what I mean. There is the implicit rate, the aggregated version and all the other versions, which vary radically. Mr. Howard stated there was an effective rate of 9% in 2015. I calculate €6.8 billion paid as a...
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: I do not want an explanation of how it was done. I want the different calculations provided.
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: That is actually not what I want. The Department of Finance prepared a paper on the corporation tax rate. It is a very good paper which explained that there are at least four different ways of calculating the effective rate. That paper showed that one can get, for the very same year on the basis of the same figures, a variation in the effective tax rate. The rate can be around 6% if it is...
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: I just want to point out to the Acting Chairman and the committee that this is a real problem. We have a paper produced by the Department of Finance that shows that there are at least four different ways of legitimately calculating the effective rate. The figures produced vary very significantly. One can have what is considered a legitimate method of calculating the effective corporation...
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: Figure 2 on page 2.
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: Over 2014?
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: How far back could Revenue go in terms of its ability to reproduce that graph? Could it be done for 2016?
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: Would it be possible to provide us with the same graph for the previous ten years? Would that be a lot of work or-----
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: This graph is not on the website.
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: I must be honest that I find it difficult. The thing I presume the witnesses are referring to on the website is a paper which is not very readable and which was quite difficult to find. It is not as clearly set out as a previous manifestation which used to be available.
- Committee on Budgetary Oversight: Corporation Tax Receipts: Department of Finance and Revenue Commissioners (14 Jun 2017)
Richard Boyd Barrett: It is not really okay but we will see how we go from here. By the way, I do appreciate all of the witnesses' work, even if I am being a bit pushy.