Results 3,701-3,720 of 36,054 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: I have a brief question about this section, which I welcome. It deals with the issue of capital acquisitions tax, CAT, for foster children and the fact it will apply in the same way as it would apply to a child from a parent and from a sibling - from the foster brother or sister to the foster child. There obviously must be criteria involved in this. The only question I have is on...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: I can understand that. The legislation must obviously capture the part where the child is a child as opposed to an adult and where that relationship is formal and all the rest, but the tax point of view is where we can intervene. If that relationship is there for five years, some of it may be as a child where there is a fostering relationship and then if it continues. I am aware it is only...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: Exactly. It is the reality. There will not be a CAT-chargeable event if somebody is not connected to the family any longer.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: That is good to hear. I will take the officials’ word on that. The section reads: "for periods which together comprised at least 5 years falling within the period of 18 years immediately following the birth of the first-mentioned person". I took that to mean that it would have to be five years.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: I would be happy to get a note on this before Report Stage, if that is okay.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: I would appreciate that.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: Will the Minister take me through the issue of interest-free loans in terms of capital acquisitions tax? Where an interest-free loan, or a combination of such loans, from a parent to a child exceeds the category A threshold of €335,000, it will now have to be reported. Is it that the portion above the threshold falls under capital acquisitions tax at that point? What calculations...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: The threshold for reporting a loan or combination of loans is €335,000. Is that from all sources of loans, for example, a parent? Is that how it will work?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: The category A threshold is €335,000, but what about the calculation of capital acquisitions tax? If the concern is that it may be calculated inappropriately by the individuals themselves and they are putting it at a low interest rate, why is there a threshold of €335,000? If someone got a €200,000 loan from a parent and interest of 2% or the like was forgone-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: Will the Minister outline the changes being made under this section as regards agricultural relief and the rationale for them?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: I will talk to the Minister about one part of the clawback provision. The leasing of the agricultural property to a farmer within six years of the gift of inheritance is not considered a disposal that would give rise to the clawback of the relief. The existing reliefs support the transfer of farmland to active farmers. What are the Minister's views on this provision, which, if I am...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: This section changes the requirement for individuals to file an annual tax return if they open a foreign bank account if they are not required to file a tax return for other matters. Will the Minister outline the Department's rationale for this amendment?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: This is a small amendment. I have no issue with removing the reference to "the Minister for the Environment” and substituting “the Minister for Transport”. However, I will take this opportunity to speak about wider issues. This committee has dealt with the issue of the disabled drivers and disabled passengers scheme. We have heard from the Ombudsman. It is an...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: I ask the Minister to confirm to the committee that the reporting requirements under this section involve digital platform operators that facilitate the sale of goods or services but will not apply to those that list the sale of services but are not involved in the transactions themselves, such as the likes of Facebook and others.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: Are those reporting obligations only for digital platform operators that are involved in the sale of services, as opposed to platforms that list services for sale?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: So the likes of Facebook would not come under that. Is that correct, given that it is others that are selling on that platform?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: Airbnb would be covered but Facebook would not BE because it is not involved in the sale of goods and so on.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: The increase in the vacant homes tax from three to five times the rate is welcome. When debating last year's Finance Bill, we spelled out to the Minister's predecessor that the rate was too low. It so it is good that it is being increased. The second aspect is that it needs to be further increased if people still do not take action . The idea is to release properties into the market...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance (No. 2) Bill 2023: Committee Stage (Resumed) (8 Nov 2023)

Pearse Doherty: I am glad the Minister has considered an increase in the tax in accordance with the length of time the property is vacant. The fact the rate has increased before the returns were even due is an acknowledgement that last year's decision was a mistake. That is just the reality of it. It was not a case of let us see how this is working in operation because it is not in operation. Tuesday was...