Results 42,041-42,060 of 46,353 for speaker:Simon Harris

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: When a company sells a product that derives some of its value from intellectual property, IP, but is not in itself IP then it will be able to avail of the KDB in relation to those products. The legislation provides that where any amount of the sales price of a product or service is attributable to one of the qualifying assets, namely, a patent, a copyright, a software or a third category of...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: On the issue of State aid and the EU, which is an issue previously raised by Deputy Michael McGrath, the KDB complies with the modified nexus standard which was agreed with the OECD as part of the base erosion and profit shifting, BEPS, process. The EU code of conduct has approved and adopted the modified nexus standard. Clearly, the tax sovereignty of a member state is a member state...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: Are we still on table 3.25?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: That is way out. The Deputy is speculating. No decision has been made on anything. I enjoy wide-ranging discussions, but it is going a bit far to speculate on the outcome of a European Commission ruling.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: It is speculation, as no decision has been made.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: I will.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: First, the Deputy approaches this debate from an interesting perspective, whereby he does not seem to think the tax rates and toolkits we have, and the various incentives and initiatives that successive Governments in this country have put in place over a lengthy period, which has been part of the success of our industrial policy, matter in terms of creating jobs and substance and therefore...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: That is not the way the world works. That is the Deputy’s ideology and I respect that, but it is not how the world works. In Deputy Boyd Barrett’s constituency there are thousands of people, in Cherrywood and other areas, employed by multinational companies. They are in well paid jobs. They pay tax to this country and make a living for their families and therefore they...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: I agree with Deputy Michael McGrath on this issue. I also agree that the value and benefit of the knowledge development box, KDB, to the economy should be measured in new research and development, additional jobs and investment. To clarify my earlier comments on the OECD process and the European Union, while the Irish box complies with the OECD BEPS process owing to the modified nexus,...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: We would.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: It is a fair point.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: Tax rates are matters for individual states. Therefore, the tax rate in Northern Ireland is primarily a matter for the Northern Ireland authorities and the British Government. The Irish Government is fully supportive of any measures that will help promote the all-island economy and make the island of Ireland more wholly competitive. However, as I was saying in my exchange with Deputy...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: Sinn Féin was supportive, which I welcome, and Deputy Boyd Barrett was supportive-ish, in his own words, which was fine. Let us remember where the modified nexus for knowledge development boxes came from. It did not come from this Government, from the Department of Finance or from the Minister, Deputy Noonan. The modified nexus came from the OECD BEPS process, which recognised that...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: No.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: Why would one limit substantive research and development?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: To stop research and development.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: It goes back to the point that, first, one can only apply the knowledge development box to a fraction of the patent and it only applies to the profits that originate from that fraction. That is the control. I do not see why there is a need for an upper limit on the amount one invests in terms of developing patents and copyrights in this country and the proportion of that one makes a profit...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: I thank the Deputy for the amendment. Under the internationally agreed approach for country-by-country reporting, the reports filed and shared with the tax authorities must remain confidential. The OECD and other countries involved in agreeing the BEPS report have been clear about it. The nub of the reason I cannot accept the amendment arises from the fact that if Revenue was to make these...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: I have an open mind, as does the Minister, on the issue of public country-by-country reporting.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (Resumed) (18 Nov 2015)

Simon Harris: No, we will not go there. The Deputy might use the term "dispassionate", but I am concerned about facts. I will outline what would happen if we accepted his amendment today. We have worked hard to arrive at this point where we are about to legislate for country-by-country reporting, which I think the Deputy would recognise is a step forward, and our tax authorities are about to receive...