Results 20,421-20,440 of 35,894 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: Otherwise, there would be a 20% dividend withholding tax. Is that correct?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: Yes. We are talking about a company paying out dividends to a shareholder. It is not going through an ICAV and is just coming directly from the company and the shareholder is non-Irish resident. How are those dividends taxed?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: As such, there is no tax. The point I am trying to make flows from what Deputy Donnelly was raising earlier. A non-Irish investor investing in a company here and receiving dividends pays no tax at all in relation to that investment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: What about the position in this State?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: On ICAVs, I refer to something we may come back to on Report Stage. Are there any restrictions in legislation currently on the minimum number of investors in an ICAV?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: This is the point where wealthier individuals can set up an ICAV, put their properties into them and therefore be non-taxable in terms of the gains arising from the property.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: Yes, but they pay no capital gains tax on it. That is the point. There will be no capital gains tax at all if they funnel this through an ICAV.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: This is the inequity here. We have seen this. While the current legislation would not allow it to happen the same way, this has happened in terms of the ICAV which has brought much of this to public attention. That is the one Denis O'Brien was operating. Wealthy individuals with the resources can set up an ICAV and transfer their properties to it, leave it there for five years, look at...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: I appreciate that. I did signal that this was one of the amendments I wanted to bring forward. I hope the Government can deal with it.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: I oppose this section on the basis that the Government is allowing the capital gains tax, CGT, loophole to remain. I know that the Minister is not going to back down on the issue and cannot imagine that we have the numbers to force a change. However, I ask the Minister of State to at least reflect on the point that this should only happen from the date of enactment of the legislation. I...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: I move amendment No. 106: In page 42, between lines 12 and 13, to insert the following: "23.The Minister shall, within nine months from the passing of this Act, prepare and lay before Dáil Éireann a report on the ability of non-resident investors who hold Irish business assets (including shares in Irish businesses) in QIAIFs and ICAVs, to avoid dividend withholding tax on any...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: I move amendment No. 113: In page 46, between lines 31 and 32, to insert the following: "25.The Minister shall, within six months from the passing of this Act, prepare and lay before Dáil Éireann a report on the role and sustainability of Corporation Tax receipts as an element of the tax collected within the State.". This amendment relates to corporation tax. We need to...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: I move amendment No. 120: In page 48, between lines 24 and 25, to insert the following: “30. The Minister shall, within one month of the passing of this Act, prepare and lay before Dáil Éireann a report on options available for the introduction of a rate of 3 per cent betting duty for online and in-shop bets to be paid by the customer.”. I have been raising...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: Our party supports the increase on tobacco products as a health issue and believes it is appropriate. We have always said that we need to combat the black market activity which is big in some areas. There is additional money provided in the expenditure for Revenue personnel. Will the Minister of State confirm that the Revenue Commissioners are completely satisfied, without reservations,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: Does Revenue expect this to bring in €65 million?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: This section extends the vehicle registration tax, VRT, relief for hybrid electrical vehicles until December 2018 and for electric vehicles until December 2021. I have no issue with that. I have always wondered whether one of those vehicles would get me from Gweedore to Leinster House but we will have to wait for more advances before we can go down that road without having to stop and plug...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: When do we expect to have an outcome on that?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: It will take a while for the decision. With regard to Brexit and the effect of VRT in terms of importing a car from the North into the South, are there any indications as to-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: I am talking about where there is no free movement. If someone takes a car across the Lifford bridge they are hit with a levy. That is the reason people are up in arms about VRT. The concept of free movement of goods applies but if one wants to get the IRL number plate, one has to pay a tax.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)

Pearse Doherty: Is it that the legal cases will end?