Results 21,521-21,540 of 37,017 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: Let us take an example whereby the Minister of State owns 11% of the fund and I own 9%. When the dividends are paid out, we each get €1 million. The Minister of State pays to the Irish State 20% or the fund will hold 20% on his behalf. For me, if I were an American, it would be 15%. Regardless of who makes the decision, this will only apply to dividends and income generated from...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: Let us consider the example of REITs. The principle applies because it is the principle of taxation of property in this State. If one takes an American investor, REITs are factored into the double-taxation agreement we have with America. Accordingly, there is no reclaim with REITs because the existing principle is established in terms of property. We have not done this with our other tax...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: Specifically, in our agreement with America, we have REITs. It is the only country with which we have it written into how dividends from REITs would be treated.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: It is our treaty as well. I know it is in the middle of renegotiation. It will be interesting to see how the new US Administration will deal with that. The point I am making is that we have established a practice that income from property can be treated differently. We have primary taxing rights, regardless of where the individual resides. All the other countries have secondary...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: I disagree.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: There are other issues but I will come back to them another time.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: I would prefer to finish the section instead of having to come back to it again with a second wind.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: I have a couple of questions on IREF assets. Can the Minister of State tell us if nursing homes, private health care investments and renewable energy, such as wind turbines, will be seen as IREF assets?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: Does that mean the income generated by a nursing home will be treated that way if the nursing home is held by----
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: What about private health care?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: But it will not be rental income, it will be trade income. It is only if the private nursing home is rented out to another operator who operates the facility. What is the position with private health care facilities?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: If fees were paid as opposed to rent to the fund which owns of the property, it would not be deemed an IREF asset, would it?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: By the operator of the health care clinic.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: To the fund that built the health care facility.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: If a fund owns or develops a private health care facility, how will that be treated in terms of an IREF asset?
- 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 funds investing in private health care.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: Obviously, someone else would operate the private health care facility. Therefore, will that part of the fund's portfolio which includes a number of private health care buildings or facilities be deemed IREF assets?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: What is the position with renewable energy?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: Windmills and wind farms. Will they be deemed IREF assets as well?
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2016: Committee Stage (Resumed) (15 Nov 2016)
Pearse Doherty: That is fine. I just wanted clarification on that.