Results 43,101-43,120 of 46,267 for speaker:Simon Harris

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The Government amendments relate to section 20, which provides for relief from appropriate tax, in this case DIRT, paid on interest earned on deposits by first time buyers of residential property. The amendments in the name of the Minister extend the relief to self-build properties built by first time purchasers and ensure that where a property is purchased or built jointly by several...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I gave the response earlier. I welcome Deputy McGrath's support for the initiative. He is correct in saying it is modest but it is policy intent that where people are saving for a property, be it a self-build or otherwise, that the State does not take the DIRT from them. The alignment with four years is in line with other Revenue reliefs and the Minister believes that is prudent and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: These are all important questions. Deputy Doherty is correct. I acknowledge it is a modest measure but it reflects all the tax that has been paid on savings for this purpose over the four year period. In terms of the four year date, as the Deputy has acknowledged there has to be certainty as to what is the cut-off period. It has to be a four year period. We are trying to bring the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 45: In page 45, line 21, after "purchase" to insert "or on the relevant completion date, as the case may be".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 46: In page 45, lines 23 and 24, to delete "dwellinghouse or apartment" and substitute "dwelling".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: There were a number of contributions in relation to the living cities. We will probably get to that later, Deputy McGrath. We are very confident that we are almost there and the passage of this Bill is important in that regard. Deputy McGrath is correct that the knowledge box needs European approval. Some 11 countries have a version of it at European level. The UK and Germany have made...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I move amendment No. 44: In page 45, between lines 19 and 20, to insert the following:“ ‘completion value’, in relation to a dwelling, means the price which the unencumbered fee simple of the dwelling might reasonably be expected to fetch on a sale in the open market were that dwelling to be sold on the relevant completion date in such manner and subject to such...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Yes.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: It is.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Yes, the Chairman is correct. We have consistently said that everything we want to do in this country in relation to inversions, the double Irish system and the OECD base erosion and profit-shifting process is being done because we want to see substance taxed, we want to see activity coming to this country and we want to have a competitive regime and framework in place. I am merely pointing...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I do not want to interrupt, but the figure I gave is for domestic companies.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: There is quite a lot in what the Deputy said. I am somewhat disappointed I have not heard a response from Deputy Boyd Barrett with his thoughts on the document, whereby arising from debates of this committee, the Department of Finance conducted a substantial amount of analysis. All of the figures, including those mentioned by the Deputy, were included and it has come up with what it...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: Before we left I had just acknowledged the fact that we had published the technical paper on the effective rates of corporation tax in Ireland. This is a very useful exercise in terms of looking at various methodologies and at various questions that have been posed at this committee and in many public and media fora over recent years on the effective rate. We are pleased that it is in the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: While we might not have a meeting of minds on it, I will endeavour to bring some more clarity to it from our perspective. Deputy Doherty is correct that there is not a requirement to draw down the 5%, but Revenue informs me that people almost invariably do, because otherwise they would find themselves being taxed on it twice. I do not have the hard data on the issue but, anecdotally, the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: The Deputy is correct that there is no reference to the knowledge box in the Finance Bill. My colleague, the Minister for Finance, flagged on budget day that it would be in the subsequent finance Bill because we want to get it right. As the Minister outlined, we want it to be the best in class. It is part of the foreign direct investment, FDI, offering and is part of the roadmap to tax...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: This is a complex issue and I am happy to stop at this point.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I take that point and I will convey it to the Minister for Finance. I know he has tried to provide consultation and engagement but I do not think it happened with regard to this section. I will relay the Deputy's comments to the Minister. It is highly technical. Many of the changes to which the Deputy has alluded are quite technical in nature rather than substantive but I note the point.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: That is what we are trying to do. I might bring my speaking notes in future, Chairman.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: I will do so.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2014: Committee Stage (Resumed) (19 Nov 2014)

Simon Harris: That is a fair point. I have also asked that a question and answer briefing be compiled which I will circulate along with the speaking notes to the committee members.