Results 20,201-20,220 of 35,829 for speaker:Pearse Doherty

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

Pearse Doherty: First, the Minister of State relies heavily on Revenue saying the data will not be available. We have gone through the Finance Bill and amendments I tabled on Committee Stage have been included in the legislation, which is a welcome new approach. If he is genuine he will accept the principle behind my amendment. My party could table an amendment in the Seanad. My amendment proposed that...

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

Pearse Doherty: We now have a commercial property bubble, without doubt. It is not the same type of bubble that we saw in 2006. The current bubble is not credit fuelled. It is tax efficient fund structures fuelled. It is also foreign investments. It is unbelievable that until the President puts his signature on this legislation any foreign investor buying commercial property in this country, and the...

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

Pearse Doherty: If my amendment is accepted there will be no vote.

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

Pearse Doherty: I am waiting for a wink or nod from the Minister.

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

Pearse Doherty: We do not need anybody to point out to us where there might be issues that we need to close down. The Government has already written it into the tax legislation and into this Finance Bill. It is there in black and white. Let us put on record some of the figures. In 2006, investment in commercial property from outside of Ireland equated to 2%. In 2016, it makes up 68% of the investment....

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

Pearse Doherty: It is a bit rich that some on the Government benches who did not set foot in this Chamber during Report Stage of the Finance Bill would shout down a Member who was making a point of order. He has been here during the entire debate and has contributed to it.

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

Pearse Doherty: There are allegations of filibustering from people who did not say a single word in this debate even though they were entitled to do so. I will withdraw my amendment No. 81.

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

Pearse Doherty: I move amendment No. 80:In page 63, between lines 1 and 2, to insert the following: “23. The Minister shall, within eighteen months of the passing of this Act and every twelve months thereafter, prepare and lay before Dail Eireann a report on the potential additional tax take were the exception in 739K(i)(I) inserted by section 22 of this Act removed.”. This amendment relates...

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

Pearse Doherty: We cannot put forward amendments that would impose a charge on the State and on the people but this amendment goes to the core in terms of the Government facilitating the purchase of both commercial and residential property in this State by international funds in that despite the huge uplift in property prices in recent years, capital gains tax will not apply. I made this point strongly on...

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

Pearse Doherty: I support amendment No. 79, which addresses many of the issues Deputy Boyd Barrett raised regarding the structure. While acknowledging that the Bill is an improvement on past legislation, the problem is that the previous provisions were rotten to the core and major issues arise regarding how the tax code incentivises property speculation and whether this is appropriate. A report is...

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

Pearse Doherty: Amendment No. 57 deletes section 739N and replaces it with a new section. It is a continuation of section 739M. Can the Minister clarify that the new section being introduced does not have an effect on the existing section 739M, which would have dealt with the anti-avoidance measure in terms of multiple funds where a fund purchased an ICAV in another jurisdiction for the purposes of tax...

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

Pearse Doherty: I agree with Deputy Boyd Barrett on the rationale for facilitating this a number of years back. I am on record in this House and on a national broadcaster in expressing that view. This was a conscious decision to allow our country to be sold, particularly in the case of commercial real estate, and to be sold tax free. It is to do with NAMA, with the banks and with pushing up commercial...

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

Pearse Doherty: I welcome amendment No. 47. I had tabled amendment No. 77, which tried to do something similar in terms of looking through the structure if there was a minimum number of investors. Obviously, funds are supposed to be for multiple investors in a personal portfolio. As we have heard in terms of cases in the past, these structures have been used in aggressive tax planning. This would deal...

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

Pearse Doherty: I agree with Deputy McGrath that it is not ideal from our point of view. We are relying on the advice from the Department and the Minister when he put it on the record that the amendments are technical in nature and not substantive. I know there are a number of substantive amendments to come on this section but, in fairness, this was flagged up as likely to be amended on Report Stage and I...

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

Pearse Doherty: Yes, or lose, although it is identified as a net benefit. A figure was provided of €50 million for sections 21 and 22. It is not acceptable that two sections are put together in this regard. There is a calculation to be made. We do not hold the Minister of State to it as we know it is the best estimate. The view, however, is that section 21 will take in €50 million and the...

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

Pearse Doherty: This is like saying that an increase in capital gains tax and USC will bring in a certain amount. These are two very separate issues. The section 110 companies are connected only around the edge with the IREFs. There is a calculation that arrived at the figure of €50 million. Will the Minister provide details on this split in terms of how much of the €50 million is likely to...

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

Pearse Doherty: A Cheann Comhairle-----

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

Pearse Doherty: I agree with what Deputy Boyd Barrett said about the flaws that remain in terms of how far this should go. I believe Deputy Donnelly is in the same space. However, there is a huge misunderstanding of what we are trying to do here. The amendment here is to delete the section dealing with the fund industry which has been buying up property not just in recent months but for some years. They...

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

Pearse Doherty: This section is very important to me as I put a considerable amount of work into it and proposed the 20% dividend withholding tax. I understand Deputy Boyd Barrett’s concerns and I share some of them in terms of capital gains tax and the exemptions, but it is important to state that the effect of the suggested deletion would mean that the funds would pay no tax, as is currently the...

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

Pearse Doherty: I welcome the Minister of State's comments. The only commitment that I will seek is for that analysis to be shared with others when it becomes available, as that is necessary. That would fulfil the spirit of the amendment.